1. A firm's short run total cost function is TC = q2 3g + 500. The firm is a monopolist and the inverse demand function for its product is p = q + 105. (a) (b) (C) (d) Find the most protable level of output and the prots at that output. (3 marks) When maximising prot, does the rm produce at minimum average cost? (3 marks) Sketch the graphs of the inverse demand function, marginal revenue and marginal cost function with the same axes showing the equilibrium price, MR and MC and output. (2 marks) Below the graphs for (c), sketch the graphs of total cost and total revenue with the same axes, showing the equilibrium output and profits. (2 marks)