1. Monopoly's Output and Price Decision (15 points, 5 points each) Minnie's Mineral Springs, a single-price monopoly, faces the following market demand and total cost schedule: Price ($ per Quantity Demanded (bottles per Total Cost bottle) hour) ($) 10 e 8 3 6 N 7 A 13 21 UI 31 A. Calculate Minnie's total and marginal revenue schedules (See Figure 13.2 for guidance). Why is Minnie's marginal revenue less than the price? B. Calculate Minnie's marginal cost schedule. What is Minnie's profit-maximizing output and price? (Hint: you need to set MR = MC) C. Calculate the economic profit