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1. Use the following graph to answer the questions below (it is up to you to label the other curves). For some of the questions,

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1. Use the following graph to answer the questions below (it is up to you to label the other curves). For some of the questions, you may have to add lines to the graph below. $/unit 12 10 - - 6 Marginal Cost Demand 5 6 8 10 12 Q Fill in the blanks with the correct numerical answers. (xxxx pts.) a. For a single-price monopolist, total profit is (xxxx pts.) b. For a single-price monopolist, elasticity of demand at the Q that maximizes TR is (xxxxx pts.) c. Under perfect competition price would be and elasticity at this point is (xxxx pts.) d. Under a profit-maximizing all-or-nothing pricing scheme, consumer surplus equals (xxxx pts.) e. The deadweight loss under a single-price monopolist is (xxxx pts.) f. Under the assumption of identical consumers, the profit maximizing entrance fee (L) under a two-part tariff would be (xxxx pts.)

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