ANSWER QUESTIONS WITH FULL WORKING AND ONLY ORIGINAL WORK. DETAILED AND NO UNORIGINAL/INCORRECT WORK.

Question 1 The diagram below shows a monopolist's MC and ATC curves as well as the industry demand and MR curves a. What is the prot-maximizing price and level of output for the monopolist? b. What are in the gure shows the level of prots for the monopolist? Are prots positive or negative? e. What area shows the deadweight loss to so-oietg,r resulting from the monopolist's output decision? d. Now suppose that the industry is made up of man};r small, price-taking rms (with the same technology}. What are the equilibrium price and level of output in this ease