The following graph shows the demand function for a product in a purely hypothetical country. Currently a large number of small perfectly competitive firms are producing the product. The marginal cost function shown in the graph is the sum of marginal cost functions (the same as supply functions) of these perfectly competitive firms. The king's brother-in-law is the commander in chief of the armed forces as well as the head of the treasury department (you know how these things go in that kingdom!) The brother-in-law "convinces" the president that, for the good of the country, this industry should be run by just one firm and he should be the CEO of that firm. The king totally agrees. Therefore, the brother-in-law "buys out" all these firms and establishes a monopoly. In your work, draw the marginal revenue function as a line half way between the vertical axis and the demand function. $210 $200 $190 $180 $170 $160 D $150 $140 $130 $120 MC $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 So 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500Prior to monopolization of the market by the firm, total production in the country was units and the market price was dollars per unit. After the firm buys out the existing firms and establishes the monopoly, it reduces the production to 1500.00 units and increases the price to dollars per unit. In old days, consumer surplus was equal to 125000.00 dollars. After the monopoly takeover of the market, consumer surplus shrinks to 45000.00 dollars. On the other hand, in old days, the perfectly competitive producers enjoyed an aggregate producer surplus of dollars. The monopolist's producer surplus, however, equals 12500.00 dollars. Of the monopolist's producer surplus, dollars is the amount of consumer surplus that consumers lose to the monopolist after the firm monopolizes the market. The deadweight loss of the monopoly equals dollars