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Suppose Conye is the only musician of his kind this generation such that he may be treated as a monopoly

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Suppose Conye is the only musician of his kind this generation such that he may be treated as a monopoly. He produces songs and releases them as CDs. The graph below illustrates the demand for and cost of CDs. a) What is Conye's profit-maximizing price and quantity? b) Calculate producer surplus at the profit-maximizing price. c) At the profit-maximizing price, what is consumer surplus? d) Do monopolies create deadweight loss? If so, then provide a calculation of the amount of deadweight loss Conye creates when maximizing profit. CDs Price, Cost ($) 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 0 0 20,000 40,000 100,000 120,000 140,000 60,000 80,000 Quantity -Demand —Marginal Revenue - Marginal Cost