The citizens of Flybynight have just voted in favour of a new international airport for their city. A single company is considering building this airport, The following table shows the company's anticipated demand and variable costs over the entire lifetime of the airport. Assume that fixed costs are Zero. Fee collected per traveler Number of TR MR MC = AVC travelers ('000s) - ATC $9 CO 100 200 6 300 400 500 W 600 N 700 800 O 900 a (2) If the monopoly company were to build the airport, what would be the profit maximizing airport fee it should charge each traveler? What would profits be equal to? b. (2) Does the monopoly outcome maximize the total surplus or is a dead weight loss being created? How does the monopoly price and output compare to the price and output of a perfectly competitive firm. Explain in words and determine the competitive price (P = MC) and number of travelers.Co 100 1200 300 UT 400 500 W 600 N 700 Co - 800 O 900 a. (2) If the monopoly company were to build the airport, what would be the profit maximizing airport fee it should charge each traveler? What would profits be equal to? b. (2) Does the monopoly outcome maximize the total surplus or is a dead weight loss being created? How does the monopoly price and output compare to the price and output of a perfectly competitive firm. Explain in words and determine the competitive price (P = MC) and number of travelers. c.(2) Which portion along the demand curve will the monopolist operate the elastic, unit elastic or inelastic? Why? Explain. d. (2) How does the consumers onopoly compare to the consumer ment generates bigger consum sumer su