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. PRICE (Dollars per can) 4.00 3.50 3.00 2.50 2.00 1.50 1.00 MC 0.50 0 0 0.5 1.0 1.5 ATC MR 2.0 2.5 3.0 QUANTITY (Thousands of cans of beer) D 3.5 4.0 Monopoly Outcome Profit Loss ? Suppose that BYOB charges $2.75 per can. Your friend Charles says that since BYOB is a monopoly with market power, it should charge a higher price of $3.00 per can because this will increase BYOB's profit. Complete the following table to determine whether Charles is correct. Price Quantity Demanded (Dollars per can) (Cans) 2.75 3.00 Total Revenue (Dollars) Total Cost (Dollars) Profit (Dollars) Given the earlier information, Charles correct in his assertion that BYOB should charge $3.00 per can. Suppose that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MC) and average total cost (ATC) given on the following graph. Specifically, the technological innovation causes a decrease in average fixed costs, thereby lowering the ATC curve and moving the MC curve.