Provide answer for microeconomics on topic minopoly and profit maximizing price

6471/mod_resource/content/1/Sample%20Term%20Test%202-%20Econ%201150.pdf 50.docx 1 2 100% + 1. A monopoly sells its product to consumers. Demand: Q = 50 - 5P. Marginal Revenue = 10 - 2/5 Q Total Cost is C = 2Q Marginal Cost = 2 Given the above functions calculate the profit-maximizing output and the profit- maximizing price? What would the monopoly's profit be? Draw a graph and show your answers graphically. 2. A competitive firm has total costs of production as indicated in the table below. Make calculation to fill in the following blanks. Quantity Total Cost AFC AVC ATC MC 0 $200 $240 2 $270 w $290 4 $300 5 $320 6 $350 $410 O 11 9 hp