Price per can 2.50 3.00 quantity demanded for both is what? Total revenue for each total cost for each? Profit dollars for each?

Homework (Ch 08) 3. Profit maximization and loss minimization 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. On the following graph, place the black point (plus symbol) 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. 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 ATC Profit PRICE AND COST PER UNIT (Dollars per can) 2.00 1.50 Loss 1.00 MC. 0.50 MR 0 0 0.5 1.0 1.5 20 25 30 35 QUANTITY OF OUTPUT (Thousands of cans of beer) Suppose that BYOB charges $2.50 per can. Your friend Yakov 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