Fill in the table and use it to answer questions 8-10. Market Individual Firm Price 922 TR MR Quantity Total Cost Marginal Cost 10 XXX 0 50 XXX 9 8 7 6 80 3 120 4 170 818 230 6 8. How many units will the firm produce if it is in a competitive market and how much will they sell for? 9. How many units will be produced if the firm is a monopolist and how much will they sell for? 10. If the firm is a monopolist, what is the value of the dead weight loss? 11. Draw the long run ATC and short run ATC curves for the electric power industry in La Crosse. Do so in such a way that it is clear why Northern States Power Company has been granted a monopoly in the provision of electricity in La Crosse instead of allowing multiple firms to compete The bauxite market is dominated by an international cartel. Assume the marginal cost of producing a ton of bauxite is constant at $10. Complete the chart and use it to answer questions 12-15. Price/ton $50 Quantity 2 4 6 (tons) TR 8 10 12 16 14 18 20 MR XXX $40 $30 $20 $10 0 -$10-$20-$30-$40 12. What is the equilibrium price and quantity of bauxite if the cartel is stable? 13. If each of five countries cooperates to equally split the market, how much profit will each earn if the fixed cost of running each bauxite mine is $20? 14. If one country doubles its output but the others maintain their output levels, how much profit will each country earn? OTA un gold wand ti 15. In the long run, what is the lowest price at which bauxite would sell and how much of it would be sold? Fill in the table and use it to answer questions 8-10 Market Individual Firm Price TR MR Quantity Total Marginal Cost Cost 10 9 8 XXX 0 50 XXX 80 3 ST 120 4 7 0 170 6 230 6 adt al t 8. How many units will the firm produce if it is in a competitive market and how much will they sell for? 9. How many units will be produced if the firm is a monopolist and how much will they sell for? 10. If the firm is a monopolist, what is the value of the dead weight loss? 11. Draw the long run ATC and short run ATC curves for the electric power industry in La Crosse. Do so in such a way that it is clear why Northern States Power Company has been granted a monopoly in the provision of electricity in La Crosse instead of allowing multiple firms to compete