QUESTION 3.125 MARKS) Price 0.40 0.50 0.60 0.70 0.80 0.90 Quantity demanded 500 400 300 200 100 0 Quantity produced 0 100 200 Total cost 100 105 120 145 180 225 300 400 500 The above schedule shows the price, quantity demanded, quantity produced and total cost for a monopoly firm. a) Calculate the marginal revenue, marginal cost and average total cost schedules (9 marks) b) What are the profit-maximizing output, price and economic profit? (9 marks) c) At the price charged, is the demand elastic or inelastie? Explain your answer. (4 marks) d) Will it try to price discriminate? Why or why not? (3 marks) + OUTSTION PAPER