Problems 1)Redraw the following diagram, label the marginal revenue curve, the profit-maximizing price, the profit-maximizing quantity, the profit, and the deadweight loss

Problems 1)Redraw the following diagram, label the marginal revenue curve, the profit-maximizing price, the profit-maximizing quantity, the profit, and the deadweight loss. Price e Demand Marginal e cost Average cost Quantity 2. Where will profits be higher: When demand for a patented drug is highly inelastic or when demand for a patented drug is highly elastic? Draw a graphical solution for BOTH to prove your answer (note: you need to have costs, prices etc...included in your answer-since you cannot explain anything in words) 3. Draw the shape of the total revenue curve for a monopoly.
4. Let's imagine that the firm with cost curves illustrated below is a large cable TV provider. Price Old demand AC MC MR Quantity REDRAW the graph for this form and answer the following questions: 1. Assuming that the firm is free to maximize profit, find and label the profit-maximizing price, quantity, and the firm's profit. 2. Now assume that the firm is regulated and that the regulator sets the price so that the firm earns a normal (zero) profit. What price does the regulator set and what quantity does the firm sell? (Label this price and quantity on the diagram.)