Question 1 (Lecture videos 10a and 10b) Suppose the market demand schedule below is for a product produced by a single-price monopolist. Also suppose there are no fixed costs and marginal cost is constant at $4. (For this question, explanations are not required.) a) Draw a diagram, as precisely as possible, showing the demand, MR and MC curves. (Recall, marginal Quantity curves are plotted at the midpoints.) Price ($) Demanded 0 12 b) On the diagram, show the profit maximizing 2 10 price (label PM) and quantity (label QM). 4 8 6 6 8 4 10 2 12 O