1. A monopolist faces the following demand and cost schedule. Price Quantity Total Marginal Total cost Marginal Profit (P) (Q) revenue revenue cost (TR) (MR) (TC) (MC) $20 1 $20 $20 $4 $4 $16 $16 2 $8 $4 $12 3 $12 $4 $8 4 $16 $4 $4 5 $20 $4 a. Determine the total revenue at each price. (2 points) b. What is the marginal revenue as the price drops from one level to the next? (2 points) c. Determine the profit-maximizing output level. (2 points) d. How much profit will it earn at the profit-maximizing output level. (2 points)