There is one natural history museum on the Isla Nublar showing many types of dinosaurs across the ages. The museum''s demand and cost curves are shown in the graph below. The museum currently relies on an admission charge for some of its funding. Its directors are debating about how to set the admission charge. PRICE/COST Marginal Cost 2 o Average Total Cost Pl Pl N Pa Pl __________ Demand 0 Q, ATTENDANCE Marginal Revenue A. Using the labeling of the graph below, identify the price and quantity associated with the following objectives. (i) The museum maximizes its profit. (i) The museum maximizes its total revenue. (iii) The museum maximizes the sum of consumer and producer surplus. (iv) The museum maximizes its attendance, as long as it breaks even. B. When attendance is Q1, is the demand price elastic, inelastic, or unit elastic? Explain. C. Assume that the price is set at P2. Assuming the existence of an opportunity cost, indicate whether the museum''s accounting profits would be positive, negative or zero. Explain why. D. Assume that the government decides the museum should charge no admission and agrees to subsidize the museum for any losses. (i) Using the labeling in the graph, identify the museum's attendance under that circumstance. (i) Would the outcome be allocatively efficient? Explain