QUESTION: Assume a pure monopolist faces the following demand and marginal cost functions: QP = -4P + 24 3Q MC 2 The average cost faced by the monopolist for different output levels is given in the below table: Output Average Total Cost 1 23/4 2 4 3 47/12 4 17/4 5 19/4 5 Answer the following questions. a) Find the maximum possible profit for the monopolist. (50 points) b) Find the fixed cost of the monopolist. (50 points) (Hint: Remember how to find total variable cost given marginal cost.)