1. A monopolist with a fixed cost of $100 faces the following demand curve and variable costs: Price Quantity Demanded Variable Cost $1300 0 $0 $1200 1 $700 $1100 2 $1250 $1000 3 $1750 $900 1 $2350 $800 3 $3050 $700 6 $3950 $600 7 $5150 $500 8 $6750 (a) Calculate the average total cost, marginal cost, and marginal revenue for the monopolist. (b) At what price and level of output will the monopolist maximize profits? (HINT: Find where MR = MC) (c) Calculate the monopolist's total profit at that price and level of output. [HINT: 7 = (P-ATC) x Q]