Exercise 4 Discuss the following; 1. Producers would prefer a market characterized by monopoly. Explain the theoretical and practical reasons for your answer. 2. How do you characterize monopolies in the Philippine? Relate your answer to the study made by the group of UP economists.Complete the following table. Answer the questions that follow. 1. Compute, graph, and explain profit maximization using: a. TR =TC approach; and b. MR = MC approach Total Average Marginal Total Marginal Price Quantity Profit Cost Cost Cost Revenue Revenue P40 P30 35 50 30 100 25 6 120 20 8 150 15 10 175 10 12 200 14 250 2. How much is the maximum profit? 3. what kind of market is this? Why