Jimmy makes decorative ceramic tiles with Victorian designs. He is the only supplier of these handcrafted tiles. The tables below show the daily demand schedules and total cost figures for his tiles.

(a)Complete the tables.

(b)If Jimmy is a single-price monopoly, what are his profit maximising price and output? Calculate also his profit.

(c)At the profit maximisation output, is the market efficient? Explain.

(d)Suggest two methods Jimmy can use to increase his sales and profit. Explain your answer.

Price ($/unit) Quantity (units/day) TR MR Quantity (units/day) TC MC 20 0 0 2 19 1 3 18 2 2 5 17 3 16 4 15 5 1AW 8 12 17 14 6 23 13 7 30 12 8 8 38 11 47 10 10 10 57 9 11 11 68 8 12 12 80 Demand for Jimmy's Tiles Cost of Producing Tiles