1. Assume that the short-run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.

Output	Total cost	Marginal cost	Quantity demanded	Price	Marginal revenue
0	$ 75		0	$180
1	120	$	1	165	$
2	135		2	150
3	165		3	135
4	210		4	120
5	270		5	105
6	345		6	90
7	435		7	75
8	540		8	60
9	660		9	45
10	795		10	30

1. At what output level and at what price will the firm produce in the short run?

What will be the total profit?

1. In the long run, what will happen to:

Demand for the individual firm's good?

Price for the individual firm's good?

Profit for the individual firm's good? Article "Oil Turns Higher as OPEC Agrees to Continue Output Cuts"

1. Summarize the main point(s) of this article.
2. What does OPEC stand for? What industry type is OPEC likely a part of?
3. OPEC and its allies outside the cartel (so countries that are not an official part of the group) met where?
4. What did they agree to do in December 2018? How long have they agreed to continue to follow this plan?
5. Which group thinks they should continue in December 2019?
6. Which group thinks they should reassess and maybe do something different later in the year?
7. (Not from the article) Why might some of the countries want to "cheat" on the agreement and produce more?
8. (Not directly from the article) Which group in this scenario is most likely to "cheat" on the agreement?
9. (There are some indications in other articles that Russia has been having a hard time actually achieving the agreed upon cuts in production... so it may be happening already.)

(Not from the article) What factors make it more likely that someone in a cartel will "cheat" on an agreement?

Article:"In New York, Don't Just Drink Your CoffeeLearn About It First"

1. What industry type are these coffee shops likely a part of?
2. What are these coffee shops doing to try to differentiate their product? Why? What are they hoping to achieve with this strategy?