CONOMICS (IAEO1012-11) A publisher has the following table of demand for the next novel from one of its famous authors: price Demanded number of novels 100 0 90 80 70 60 4 50 40 30 20 10 0 10 The author is paid $2 to write the book (Fixed Cost) and the marginal cost of publishing it is a constant amount of $10 per book Calculate the total income, total cost, and benefits for each amount. How much would a publisher choose that maximizes profits? What price would you set? (15 points) Calculate marginal income. (Remember that How does marginal income compare to price? Explain (15 points). Graphically represent marginal income, marginal cost, and demand curves. How much do the marginal income and marginal cost curves intersect? What does that mean? (15 points) Get the economic benefits of this monopolist and graph (15 points). Benefits = (P- Cme) *