Assuming your city government has been contracting with a single garbage collection firm that has been granted an exclusive franchise, the sole right, to pick up trash within the entire city limits. The city government has estimated the price residents are willing to pay for various numbers of garbage collections per month and the total cost facing the garbage collector per resident as shown in the following table:Please complete the table above.Given that the current garbage collection firm has a monopoly in garbage collection services, what is the current number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain.f competitive bidding were allowed and therefore a competitive market for garbage collection services developed. What will be the number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain

Assuming your city government has been contracting with a single garbage collection firm that has been granted an exclusive franchise, the sole right, to pick up trash within the entire city limits. The city government has estimated the price residents are willing to pay for various numbers of garbage collections per month and the total cost facing the garbage collector per resident as shown in the following table Pickup Price per Total Marginal Total Average Marginal |Profit Pickup Revenue Cost Total Cost Cost (MC) (Q) Demand) Revenue (TC) (ATC) (TR) (MR) O $4.20 $3.20 3.80 4.20 3.40 5.60 3 13 7.80 12.60 10.40 5 2.20 13.40 1.90 16.80 a. Please complete the table above. b. Given that the current garbage collection firm has a monopoly in garbage collection services, what is the current number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain. c. f competitive bidding were allowed and therefore a competitive market for garbage collection services developed. What will be the number of collections (Q) residents receive per month and the price charged residents (P) for each collection? Please explain