Above the Clouds Monopoly Hot-Air Balloon Company Projections /10 Below are the projected numbers for the coming tourist season. Above the Clouds is the only hot air balloon ride company at the Sea and Mountain tourist area of Lake Ontario. You are to assist the company in deciding the best quantity and price and resulting maximum profits so they can plan staff and wages as well as other costs related to their hot-air balloon business. Quantities are in thousands; however, zeros have been dropped to simplify numbers so that management can understand them. Marginal costs are $15 and fixed costs are also $15. (*4+2+4 marks) Q (000) P TR #MR MC *TC *A TP *E. Profit 0 60 1 54 2 48 3 42 36 30 24 18 i) Complete the above table and then graph the 70 appropriate numbers indicating a monopolist's profit maximizing quantity and price (complete with dashed line connectors). 60 ii) Based on the above projections, Above the 50 Clouds should set the quantity at 40 rides and price rides at $ each to maximize profits. 30 iii) Above the Clouds should realize a maximum profit of $ if the above numbers 20 and projected costs are in line with actual 10 outcomes. iv) Above the Clouds company has O constant 1 2 3 4 5 6 7 8 marginal costs / U increasing marginal costs