Question 2 (20 marks) The following diagram shows the cost curves and demand curve of a profit-maximizing monopoly fimm. A. In order to maximize its profit, at which of the 6 quantities (QI to 26) in the diagram should the company produce? Explain. (4 marks) 3. In order to maximize its revenue, at which of the 6 quantities (Q1 to 06) in the diagram should the company produce? Explain. (5 marks) c. In order to maximize the total surplus, at which of the 6 quantities (Q1 to 26) in the diagram should the company produce? Explain. (4 marks) D. At which of the 6 quantities (Q1 to 6) in the diagram would c. In order to maximize the total surplus, at which of the 6 quantities (Q1 to 06) in the diagram should the company produce? Explain (4 marks tttttttt D. At which of the 6 quantities (Q1 to 26) in the diagram would give the firm zero profit? Explain (4 marks ttttt tttt E Is the monopoly firm experiencing diminishing marginal product? Explain (3 marks tttttttttt Question 2/20 marks) The following diagram shows the cost curves and demand curve of a profit-maximizing monopoly firm. - Costs and Revenue Marginal cost Marginal revenue Average total cost Demand Q1 Q2 Q3 Q4 as Q6 Quantity A in order to maximize its profit, at which of the 6 quantities (Q1 to 26) in the diagram should the company produce? Explain (4 marks) In order to maximize its revenue at which of the 6 quantities (Q1 to 6) in the diagram should the company produce? Explain 5 marks)