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Please answer my tutorial question 1. A publisher faces the following demand schedule for the next novel from one of its popular authors: The author

Please answer my tutorial question

image text in transcribedimage text in transcribed 1. A publisher faces the following demand schedule for the next novel from one of its popular authors: The author is paid K2 million to write the book, and the marginal cost of producing the book is a constant $10 per book. a. Compute i. Total revenue at each quantity ii. Total cost at each quantity iii. Profit at each quantity. iv. What quantity would a profit-maximizing publisher choose? v. What price would it charge? b. Compute marginal revenue. How does marginal revenue compare to the price? Explain. c. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantity does the marginal-revenue and marginal-cost curves cross? What does this signify? d. In your graph, shade in the deadweight loss. Explain in words what this means. e. Suppose the publisher was not profit-maximizing but was concerned with maximizing economic efficiency. What price would it charge for the book? How much profit would it make at this price

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