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BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average total cost (ATC), and demand (D) for beer in this market. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing its loss. 4.00 3.50 Monopoly Outcome 3.00 2.50 Profit ATC PRICE (Dollars per can) 200 1.50 Loss 1 00 0.50 D MR 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 QUANTITY (Thousands of cans of beer) Suppose that BYOB charges $2.00 per can. Your friend Jacques says that since BYOB is a monopoly with market power, it should charge a higher price of $2.25 per can because this will increase BYOB's profit. Other.txt - Notepad 0 X File Edit Format View Help The other choices are: Complete the following table to determine whether Jacques is correct. Drop Arrow1: 2.00: Cans: 1,000, 1, 200, 1,500 Price Quantity Demanded Total Revenue Total Cost Profit Drop Arrow2: 2.00: Total Cost: 2, 625M. 2,750M, 4, 125M, 6M ( Dollars per can) Cans) (Dollars) (Dollars) ( Dollars) 2.00 750 345.00 1,000.00 3,452.00 Drop Arrow3: 2.25: Cans: 750, 1, 250, 1,500 2.25 1,000 288.00 1,000.00 6,490.00 Drop Arrow4: 2.25: Total Cost: 2, 625M, 2,750M, 4, 125M, 6M Given the earlier information, Jacques is correct in his assertion that BYOB should charge $2.25 per can. Drop Arrow5: is not