Question 1 The diagram below shows the demand curve, marginal revenue curve, and cost curves for a monopolist that owns the only golf course on Eagle Island. The monopolist's product is 18-hole golf games. 100 ATC1 Mc ATC Price (dollars per round of gall) AVC 1700 -800 900-1090 of gull per week!- a: According to the diagram, what is the profit-maximizing price and output ( number of rounds of golf per week] for the monopolist? (1 point) Please provide the reasoning for your answer. (1 point) b. At the indicated profit-maximizing price, what are the economic profits or losses of the firm (calculating the value)? How do you know? (3 points) Suppose the average total cost per round of golf shifts from ATC to ATC1. What are the economic profits or losses of the firm? (2 points] Should the firm continue in the short run? Explain. (2 points)