Consider a monopolised market.Suppose:demand i

Consider a monopolised market.Suppose:demand i
Consider a monopolised market.Suppose:demand is linear and is given by the demand curve:p = 14 – q,and their marginal revenue is 14-2q.the monopolist’s total cost is TC = 6q,and their marginal cost is 6.(i) Plot the monopolist’s profit as a function of output.Identify the profit maximising quantity.(ii) Plot the monopolist’s marginal revenue and marginal cost as a function of output.Identify the profit maximising quantity.(iii) Compare and discuss your answers to (i) and (ii).(iv) Calculate the equilibrium price.(v) Calculate the monopolist’s profit.