1. Problems and Applications Q1 A publisher faces the following demand schedule for the next novel from one of its popular authors: Price Quantity Demanded (Dollars) 40 36 32 28 24 20 16 12 8 4 0 Copies 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 The author is paid $800,000 to write the novel, and the marginal cost of publishing the novel is a constant $4 per copy Complete the second, fourth, and fifth columns of the following table by computing total revenue, total cost, and profit at each quantity Marginal Revenue Profit (Dollars) Total Cost Quantity Total Revenue (Copies) (Dollars) (Dollars) Dollars) 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000