Price, cost marginal revenue MR 450 650 700 Quantity The graph above is for an unregulated monopolist. Answer the following questions based on this graph. 1. What is the optimal price and quantity for this monopolist? (1 point) 2. What are the total costs for this monopolist? (2 points) 3. Calculate the profit the monopolist is earning. (2 points) 4. Calculate the deadweight loss the current price level has created. (5 points) 5. Assume the government attempts to regulate the monopoly. What is the new price the government will impose on the monopoly? (5 points) 6. Explain what happens to consumer surplus and deadweight loss under this new scenario. (no calculations are required) (5 points) 7. Calculate the new profit for the monopolist. (5 points)