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vi= v a - v FE FE Al AaBbCcDdEe AaBbCcDdEe AABBCCDD = H= v Normal YU Body YUH-1 Question 3 The below graph shows a monopolist that faces a market demand according to his cost functions. Answer all following questions: MC $22 ATC 18 16 14 AVC 11 DEAR CO MR 12 17 22 a. Define Monopoly and explain the barriers of entry to such market. b. What is the production level that will maximize profit (or minimize loss) for the monopolist. Explain. c. Calculate the monopolist's total revenue (TR) at the production level that will maximize profit (or minimize loss). d. Calculate the monopolist's total cost (TC) at the production level that will maximize profit (or minimize loss) BUSI 1023 INTRODUCTION TO ECONOMICS FOR MANAGERS