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Consider the monopoly described in the following table. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Profit ($)

Consider the monopoly described in the following table.

Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Profit ($)
0 320 0 -- 140 -- -140
2 305 610 305 158 9 452
4 290 1,160 275 168 5 992
6 275 1,650 245 188 10 1,462
8 260 2,080 215 228 20 1,852
10 245 2,450 185 296 34 2,154
12 230 2,760 155 392 48 2,368
14 215 3,010 125 522 65 2,488
16 200 3,200 95 712 95 2,488
18 185 3,330 65 962 125 2,368
20 170 3,400 35 1,302 170 2,088
22 155 3,410 5 1,762 225 1,648
24 140 3,360 -25 2,322 280 1,038

What are the profit-maximizing quantity and price?

How much is the monopolist making in profits?

What would the equilibrium price and quantity have been if the market were competitive?

Calculate the deadweight loss caused by the monopolist.

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