The diagram below represents a monopoly firm in equilibrium.

c$)$ Copy the diagram into your answer book.

d$)$ State what each of the four labels circled above represent.

At equilibrium the firm produces $Q_1.$ Show on your diagram:

e$)$ The price the firm will change for $Q_1($use label $P_1).$

$[10$ marks$]$

f$)$ The average cost of producing this output $($use label $A{C}_1).$