Referring to Table 1 belove, answer the following questions.

(a) Replicate the table above andcalculatemarginal revenue and average cost for each quantity level. Assume that fixed cost is $60(10 marks)

(b) Based on your answer in part (a), determine the profit-maximising output level if the company is a monopoly.Calculatethe profit at the output level.(2 marks)

(c) Based on your answer in part (a), what is the socially optimal output level? Can the company earn profit at the output level? If not, why? Hint: Socially optimal output level means the output as if the company is a perfectly competitive firm.(3 marks)

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