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The table below is the demand faced by The Tienshan Company, a monopolist, which enjoys zero cost in its production. Tota | Revenue = Total

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The table below is the demand faced by The Tienshan Company, a monopolist, which enjoys zero cost in its production. Tota | Revenue = Total Profit Quantity demanded 20 3 Price ($) 5.00 4.50 4.00 3.50 3.00 2.50 200 (II 157.5 200 227.5 240 237.5 220 187.5 _\\ 0 0'! U1 U1 0 O :l U'I a. Complete the table above. Round your Total Revenue answers to 1 decimal place. b. What price will Tienshan charge, and what quantity of output will it produce? Round your answers to 1 decimal place. Price: $ 3.0 Output: 80 Suppose that Endless Journey Inc., which also has zero cost, enters this industry and assumes that Tienshan will continue to produce its current output as in (b). Price ($) Quantity for Quantity for TR = Profit Tienshan Endless for Endless 3.00 80 2.50 80 2.00 80 1.50 80 1.00 80 0.50 80 d. What output will Endless Journey choose to produce, and what will be the new market price, given both firms' output? Round your answers to 1 decimal place. Endless Journey's output: New price: $

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