1.Suppose a monopolist that produces a wonder drug faces demand and (long run) total cost as shown on the following chart.

P Q TR MR TC MC ATC (pound) ($) ($) ($) ($) ($/pound) ($/pound) 100 --- 90 30 80 2 60 70 90 60 4 120 50 in 150 40 180 30 210 20 CO 240 10 9 270 0 10 300