Assume the graph on the right represents the marginal cost and demand curves for a perfectly competitive industry. What area represents consumer surplus? 1.) Using the point drawing tool, place a point at the output and price combination that would exist in equilibrium for a perfectly competitive industry. 2.) Using the triangle drawing tool, depict the area that represents consumer surplus in this competitive industry. Label your area 'CS.' Carefully follow the instructions above and only draw the required objects. Consumer surplus is 720 . (Round your response to two decimal places.) Now assume your graph represents the marginal cost and demand curves for a monopolist. lllustrate the marginal revenue curve and equilibrium price and output levels. 1.) Using the line drawing tool, illustrate the marginal revenue curve that would exist if this were a monopoly producer. Label your curve 'MR.' 2.) Using the point drawing tool, place a point at the output and price combination that would exist if the monopoly produced at its profit-maximizing level. Carefully follow the instructions above and only draw the required objects. Price \fNow assume your graph represents the marginal cost and demand curves for a monopolist. lllustrate the marginal revenue curve and equilibrium price and output levels. 1.) Using the line drawing tool, illustrate the marginal revenue curve that would exist if this were a monopoly producer. Label your curve 'MR.' 2.) Using the point drawing tool, place a point at the output and price combination that would exist if the monopoly produced at its profit-maximizing level. Carefully follow the instructions above and only draw the required objects