1. Produce a diagram like that discussed in class that illustrates the demand for a monopolists output by two different types of consumers. The first consumers demand for the monopolists product is relatively elastic, i.e., =-2, while the second consumers demand is relatively inelastic, i.e., =-0.5. For simplicity, assume that monopolist has constant marginal costs. Illustrate the profit-maximizing price that the monopolist will charge each type of consumer. Of the two types of customers, which one will pay a higher price: type 1 or type 2?