Please make sure you show your work! QUESTION 1. Price and Cost ($/ounce) 650 625 600 575 550 525 500 475 450 425 400 375 350 325 ODE 275 250 225 200 ATC 175 150 MC 125 100 75 50 25 MR 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 125 130 Quantity (ounces per day) The graph above represents the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves of a single-price monopoly that owns a gold mine. Based on this information, answer the following questions. a) What is the monopolist's profit-maximizing output? b) Given the monopolist's profit-maximizing output, what is the monopoly price? c) Based on your answers, calculate the monopoly total revenue. d) At the profit-maximizing output, what is the average total cost? Calculate the monopoly total cost. c) Is the monopolist making a profit or loss? Calculate the profit or loss. f) Based on the graph, what is a perfectly competitive firm's profit-maximizing output and price? Note that reading the exact number from the graph is difficult so pick the closest whole number for quantity and price. g) How does the competitive firm's level of output and price compare to the monopoly output and price? h) Why is the monopoly output inefficient? Calculate the deadweight loss resulting from monopoly output. Again, a good estimate based on your reading of the graph is sufficient