Monopoly FRQ Chapter 12 3"\" Bell Direcons: Answer the following questlon in lnl: 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 shortrun prots. a) Draw a correctly labeled graph of [lillrnan Inc. and show each of the following: i. The prot maxin1i2ation price and output ii. The area of prot. bl Explain how long Dillman Inc. will maintain their prot and why. c} Assume Dillman Inc. is maximizing prot. what will occur if they raise their price? d] If the demand for this gopher killing device increasesI explain what will happen to the following: i. Prot-maximizing output ii. Total cost