Show work for the following practice questions using the graph (if possible):

Monopoly Graph Practice Price $160 $140 $120 MC $100 ATC $80 $60 $40 $20 MR D 2 3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Quantity Use the graph above of a non-price discriminating monopoly to answer the following questions. Show your work when asked to calculate. 1. Identify the profit maximizing price and quantity. 2. Calculate the total revenue at the profit maximizing price and quantity.3. Calculate the total cost at the profit maximizing price and quantity. 4. Calculate the profit or loss at the profit maximizing price and quantity. 5. Calculate the area of deadweight loss. 6. Identify the socially optimal (allocationy efficient) price and quantity. 7. Identify the price and quantity where the total revenue is maximized. 8. At the price of $120, is the demand relatively elastic, relatively inelastic, or unit elastic? Why