Which of the following equations calculates economic profits for a monopoly? 1. Profits=(P-ATC)x Q. Profits = Px Q. Profits=P+ ATC/Q. Profits=ATC x Q. The graph on the right illustrates the demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves for a monopoly. Use these curves to show a firm's profits. 1.) Using the point drawing tool, place a point at the output and price combination that would maximize profits for this monopoly. Label your point 'A.' 2.) Using the point drawing tool, place a point on the average total cost curve at the profit-maximizing output level. Label your point 'B.' 3.) Using the rectangle drawing tool, depict the area that would represent the profit this monopoly is earning. Label your area 'Profit.' Carefully follow the instructions above and only draw the required objects. Price 0 5 10 15 20 25 30 35 40 45 50 Quantity