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The following table summarizes the weekly sales and cost situation confronting a monopolist: Price Quantity Demanded Total Revenue Marginal Revenue Total cost Marginal Cost Average

The following table summarizes the weekly sales and cost situation confronting a monopolist: Price Quantity Demanded Total Revenue Marginal Revenue Total cost Marginal Cost Average Total Cost $440______ $15______401____________23____________362____________33____________323____________45____________284____________61____________245____________81____________206____________109____________167____________145____________(a) Complete the table. (b) Graph the demand, MR, and MC curves on the following graph. (c) At what rate of output are profits maximized? (d) What are the values of MR and MC at the profit-maximizing rate of output? (e) What price will the firm charge? (f) What are total profits at that output rate? (g) If a competitive industry confronted the same demand and costs, how much output would it produce and what price would it charge in the short run?

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