The graph below shows the cost and revenue curves for IchiBan Inc., a monopolist. AR a. What is the monopolist's profit-maximizing output and price? Output: The monopolist Mr. Pop It Right is considering whether it is worthwhile producing an additional 20 units per day of his large bags of popcorn. Doing so would cost him an additional $40 in total. He is currently selling 48 bags per day at $3.90 each. In order to sell the additional 20 bags every day, however, he would have to lower his price to $3.20. What do you recommend? Round your answers to one decimal place. Previous total revenue: New total revenue: His additional revenue, therefore is , which is the additional cost of $40, so he (Click to select) the additional bags. a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a straight line.) Leave no cells blank - be certain to enter " 0 " wherever required. b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: Price: \$ Total :\$ c. At what output will total revenue be maximized, and what will be the value of total revenue? Output (units): Total revenue: \$ Leave no cells blank - be certain to enter "O" wherever required. b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: Price: $ Total :\$ c. At what output will total revenue be maximized, and what will be the value of total revenue? Output (units): Total revenue: $ d. What is the value of MR when profits are maximized and when total revenue is maximized? MR is \$ when profits are maximized. MR is when total revenue is maximized. a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a straight line.) Leave no cells blank - be certain to enter " 0 " wherever required. b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: Price: \$ Total :\$ c. At what output will total revenue be maximized, and what will be the value of total revenue? Output (units): Total revenue: \$ The graph below shows the cost and revenue curves for IchiBan Inc., a monopolist. AR a. What is the monopolist's profit-maximizing output and price? Output: The monopolist Mr. Pop It Right is considering whether it is worthwhile producing an additional 20 units per day of his large bags of popcorn. Doing so would cost him an additional $40 in total. He is currently selling 48 bags per day at $3.90 each. In order to sell the additional 20 bags every day, however, he would have to lower his price to $3.20. What do you recommend? Round your answers to one decimal place. Previous total revenue: New total revenue: His additional revenue, therefore is , which is the additional cost of $40, so he (Click to select) the additional bags