How do you think the profits of the monopolist and overall social welfare are affected compared to the case where the monopolist sets a single monopoly price?

We have seen how monopolistic industries can result in a deadweight loss relevant to the competitive outcome.  Consider the case of a monopolist engaging in first degree (perfect) price discrimination. How do you think the profits of the monopolist and overall social welfare are affected compared to the case where the monopolist sets a single monopoly price? (Hint: try drawing a simple diagram in both cases).

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