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it's an assignment, I want complete and proper answers. Question-1: A publisher faces the following demand schedule for the next novel from one of its

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it's an assignment, I want complete and proper answers.

image text in transcribed
Question-1: A publisher faces the following demand schedule for the next novel from one of its popular authors Od 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 Price 100 70 20 The author is paid $2 million to write the book, and the marginal cost of publishing the book is a constant $10 per book 1. Compute total revenue, total cost, and profit at each quantity, What quantity would a profit- maximizing publisher choose? What price would it charge? b. Compute marginal revenue (Recall that MR 5 ATR/AQ ) How does marginal revenue compare to the price? Explain Question-2: Consider total cost and total revenue given in the following table: O E a. Calculate profit for each quantity How much should the firm produce to maximize profit? b. Calculate marginal revenue and marginal cost for each quantity Graph them (Hint Put the points between whole numbers For example, the marginal cost between 2 and 3 should be graphed at 215.) At what quantity do these curves cross? How does this relate to your answer to part (a)? C. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium

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