Assume Acme Corporation is a typical monopoly:<br/> <br/> -Construct

a graph illustrating Acme’s average and marginal cost curves and the demand curve facing it. Identify profit maximizing output and price, total revenues, total costs, and total profits.
-Assume the economy moves into a recession and the demand for Acme’s product falls. On the same graph, show the effect of the recession on equilibrium price, output, and profits.