For this assignment, please EMBED a graph, including all labels, that illustrates a monopoly. You should watch both of the videos in this Sub-Module to assist you. - Draw the axes and label appropriately - Draw a Marginal Cost Curve and label as MC - Draw a Demand Curve and label as D - Draw a Marginal Revenue Curve and label as MR - Add an Average Total Cost Curve - ATC so the ATC crosses MC at the lowest point in the ATC curve Now indicate the following points on the graph and number as follows: 1. Point where MC=MR 2. Quantity Produced by the Monopolist on the Quantity Axis 3. Price on the Demand Curve 4. Monopoly Price on the Price Axis 5. Average Total Cost on the ATC Curve 6. Shade in the Area that Indicates the Monopolist's Profits 7. At what point in the Demand Curve is there Elastic Demand? - Be sure to check Mr Clifford's video on this... For this assignment, please EMBED a graph, including all labels, that illustrates a monopoly. You should watch both of the videos in this Sub-Module to assist you. - Draw the axes and label appropriately - Draw a Marginal Cost Curve and label as MC - Draw a Demand Curve and label as D - Draw a Marginal Revenue Curve and label as MR - Add an Average Total Cost Curve - ATC so the ATC crosses MC at the lowest point in the ATC curve Now indicate the following points on the graph and number as follows: 1. Point where MC=MR 2. Quantity Produced by the Monopolist on the Quantity Axis 3. Price on the Demand Curve 4. Monopoly Price on the Price Axis 5. Average Total Cost on the ATC Curve 6. Shade in the Area that Indicates the Monopolist's Profits 7. At what point in the Demand Curve is there Elastic Demand? - Be sure to check Mr Clifford's video on this