1. Assume a local utility has a monopoly in the electricity generation (production) business.The table below shows a local utility company's demand, price, and total cost of producing electricity. Use the information in the table to find the utility's profit maximizing level of output.Make sure to show your work. (20 points)

Quantity (in megawatts)	Price (per megawatt)	Total Cost
0	$600	$950
1	$550	$1,000
2	$500	$1,075
3	$450	$1,200
4	$400	$1,375
5	$350	$1,600
6	$300	$1,875
7	$250	$2,200