1. Consider the village of Stratton Major in beautiful, bucolic, historic (but remote) King and Queen County, Virginia. The County Commission has decided only one store in the entire county will be allowed to sell wine. That is, the one store will be a monopoly. However, this one store will have to pay the County Commission a royalty fee every year. The annual royalty fee will be equal to 10 percent of the monopoly wine store's annual total sales revenues. You are considering applying to the County Commission for the license to operate the single wine store. You estimate that your profit maximizing quantity of wine will be 10,000 bottles per year; that you will charge a price of $20 per bottle of wine; and that your average total cost per bottle of wine (including all fixed cost, variable cost and opportunity cost but not including the 10 percent royalty) is $10. 1) Total Revenues per year will be $_ 2) Royalty fees per year will be $_ 3) Total Economic Cost per year will be $ 4) Economic profit per year before royalty fees will be 5) Economic profit per year after royalty fees will be 6) The maximum dollar amount your firm would be willing to pay in royalty fees per year for the monopoly right to sell wine in King & Queen County is