Assume that the government decides to no longer regulate the oil industry. As a result, all oil producing firms merge into one company under a new name “New Standard Oil”. The new firm becomes a monopoly in the market with the following information on demand and cost of producing oil: Demand: P = 1000 – 10Q Total Revenue: TR = 1000Q – 10Q2 Marginal Revenue: MR = 1000 – 20Q Marginal Cost: MC = 100 +10Q Where Q is number of barrels of oil sold and P is the price. a. Find the price and quantity that will maximize the profit of New Standard Oil Answer: Q = [ Select ] Answer: P = [ Select ]   b. Find the price and quantity that would maximize social welfare Answer: Q = [ Select ] Answer: P = [ Select ]   c. What is the deadweight loss from existence of this monopoly in the market? Answer: DWL = [ Select ]多重下拉选择题