1. A publisher faces the following demand schedule for the next novel of one of its popular authors. You can assume the publisher is a monopolist: Price uanti Demanded Total Revenue Mar inal Revenue Total Cost Prot $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 0 100,000 200,000 300,000 400,000 500,000 600,000 "00,000 800,000 900,000 1,000,000 The author is paid $2 million to write the book, and the cost of publishing the book is $10 per book, regardless of the number published. That is, the $2 million is the xed cost and $10 per book is the variable cost. a. Computer total revenue, total cost, and prot at each quantity. What quantity would a prot maximizing publisher choose? What price would it charge? Compute marginal revenue. How does marginal revenue compare with price? Graph the marginal revenue, marginal cost, and demand curves. At what quantity do the marginal revenue and marginal cost curve cross? What does this signify? In your graph, shade in the deadweight loss. Explain in words what this deadweight loss means. If the author were paid $3 million instead of $2 million to write the book, how would this affect the publisher's decision regarding the price to charge? Explain. Suppose the publisher was not profit maximizing but was concerned with maximizing economic efficiency (i.e no \"deadweight loss\"). What price would the publisher charge for the book? How much prot would the publisher make at this price