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3. McCullough has a monopoly on rental dwellings in the local community. The demand for rental...

3. McCullough has a monopoly on rental dwellings in the local community. The demand for rental dwellings is Q = 70,000 - 50P. McCullough's marginal cost of providing rental dwellings is MC(Q) = 0.01Q + 20. Suppose that to ease the burden on renters, the local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling? Does social welfare (total surplus) increase because of the price ceiling?

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