Problem Set 2 Due Date: Tuesday, October 19, 202] at start of class For graphs, it is often best to use Excel or draw your graph and attach the picture Recall Beyouc from PSl (CONTINUATION OF PSI). Reuse the tables you produced there based on: Total w orkers 10.13 11.95 1. (5 points )Monopoly and equilibrium (2. {2 points )Beyonc gets smart and realizes that she isthe only quality bistro around . Calculate the marginal revenue she gets for each additional serving as the change in total revenue (price limes sales). Graph this. What is the new quantity of sales and the new price ? (1 point ) Shade in the entire area of _'__ __ I\" consumer surplus on your monopoly graph . Shade 'm the entire area of producer surplus . {2 points )Eslimate consumer and producer surplus under perfect competition and under monopoly. What is the dollar value of each , and of total social surplus ? Which is better for consumers ? Which is better for producers ? Which is better for society ? Explain . 2. (4 points )Moving Equilibrium . Shot.T the effect of each on the monopoly market equilibrium ;you don't need to have exact answers but explain the direction ofchorrge in the demand and for marginal cost curves