2. Consider the following Industry Demand and Total Cost Curves for an industry characterized by monopoly: Total Cost 650,000 + 8Q Demand: P = 1,084,000 - 152Q a) What are the marginal cost, average cost, and marginal revenue curves faced by ABM Corp - the monopoly firm? Indicate the equations for these curves and use Excel to plot them and the demand curve over a range of Q from 10 to 84 (with scale shown in increments of 10) with the vertical axi from -$50,000 to $110,000 (with scale shown in $10,000 increments). Ensure you plot enough poin to get smooth curves. Use an XY scatter graph without the smoothing option. b) At what level of quantity would ABM's average cost be minimized? c) What level of quantity does ABM Corp choose to produce? What is the price charged, total revenue, total cost, and economic profit for ABM Corp? e) What is the price elasticity of demand given the quantity ABM Corp chooses to produce? Interpret what the price elasticity of demand number you calculated implies about total revenue. What strate implications might this mean for ABM Corp. f) If this industry begins to become more competitive, what will happen to the demand curve faced by ABM Corp? No equations are necessary, but give a sufficient word description as to what will happen.