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Practice Problem 3: The following graph shows MC, ATC curves of a monopoly, along with the demand curve it faces, D, and its MR curve. MC 18 ATC 16.5- 16 15- D 12 MR Q 10 14 16 Use the information provided to complete the following tasks/answer the questions. Task 3.1 Identify the following values: a) The level of output the monopolist will choose to produce. b) The price the monopolist will need to charge to ensure its chosen output is sold. C) The total cost the monopolist will pay to produce its chosen output level. d) The total revenue the monopolist will earn by selling its chosen output level. e The output level the monopolist would need to supply for there to be productive efficiency in this market. f) The output level the monopolist would need to supply for there to be allocation efficiency in this market. g) The size of the monopolist's undersupply. h) The deadweight loss that results from the monopolist's undersupply. Question 3.2: What price would a regulator have to force the monopolist to charge for every unit if the government wanted to maximize society's total surplus? Question 3.3: Would the monopolist be willing to stay in the market if the government forced it to charge the price you found in 3.2