In а hypоtheticаl mоnоpoly mаrket, The demand equation is given as: P = 62 - 2QThe supply equation is given as: P = 20 + 3Q. 1) What is the monopoly market price?2) What is the consumer surplus?3) What is producer surplus? 4) What is the total wealth? 5) what is the Deadweight Loss relative to a perfectly competitive market? Please show all your work.
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