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Price 0 20 40 60 80 100 120 140 Quantity 140 120 100 80 60 40 20 0 The table represents a monopolist who has
Price | 0 | 20 | 40 | 60 | 80 | 100 | 120 | 140 |
Quantity | 140 | 120 | 100 | 80 | 60 | 40 | 20 | 0 |
The table represents a monopolist who has the following costs:
Materials and wages are equal to $40 per unit.
Machinery and shop rental is $200 for the production period.
What are their total profits at the optimal output?
**Do not assume that the curve is linear, only use the output available on the table**
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