Directions: Answer the following questions in ink on a separate sheet of paper. Be sure to label your graphs and be clear, concise and complete in your answers. 1, Assume that Dillman Inc. has a monopoly in the production and sale of a new device that detects and destroys gophers. Dillman Inc. is currently incurring short-run prots. a) Draw a correctly labeled graph of Dillman Inc. and show each of the following: i. The profit maximization price and output 7 ii. The area of prot. b) Explain how long Dillman Inc. will maintain their profit and why. 0) Assume Dillman Inc. is maximizing prot, what will occur if they raise their price? d) If the demand for this gopher killing device increases, explain what will happen to the following: i. Profit-maximizing output ii. Total cost