11. Drugs X and Y are close substitute prescription drugs, which treat a common disease called procrastination. Currently Drug X and Drug Y collude and act like a monopolist. Patent for Drug X will expire on December 31, 2026. Patent for Drug Y will expire on June 15, 2025. Note that Drugs X and Y are the only drugs that currently treat procrastination. Using the below graph, illustrate the effect of the expiration of the patent for Drug X on price, quantity, and profit of Drug Y. Explain (12 points).
P
MC = ATC
D
Q