A Single-Price Monopoly's Output and Price Decision Use the following information to work Problems 12 to 16. Hot Air Balloon Rides is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule, and columns 2 and 3 set out the tetal cost schedule: Price Quantity Total cost [dollars [rides {dollars per ride} per month} per month} 220 O 80 200 1 160 1 80 2 260 160 3 380 140 4 520 120 5 680 12. Construct Hot Air's total revenue and marginal revenue schedules. 13. Draw a graph of the market demand curve and Hot Air's marginal revenue curve. 14. Find I-Iot Air's protvmaximizing output and price and calculate the rm's economic prot