Complete the following table Price Quantity Demanded Marginal Revenue $27$24$21$18$15$12$9$6$3012345678 1. At what rate of of outputs does marginal revenue turn negative? 2. If marginal cost is consatnt at $12, what is the profit maximzer rate of output? 3. What price should this monoplosit charge for the rate of output? 1. For each of the following pairs of goods, which good would you expect to have more elastic demand and why? a. Required textbooks or mystery novels. b. Metro rides during the next six months or metro rides during the next 5 years. c. Fruit juice or water. 2. Define the price elasticity of demand. Explain the relationship between total revenue and the price elasticity of demand. 3. If the percentage increase in price is 15 percent and the value of the price elasticity of demand is 3, then quantity demanded a. will increase by 45 percent b. will increase by 5 percent. c. will decrease by 45 percent d. will decrease by 5 percent