Suppose a monopoly’s demand schedule is given by the first two columns of the following table. Its total cost of production is given in the next column.
|Output||Price||Total Cost||Total Revenue||MC||MR|
a. Fill in the Total Revenue column by computing the firm’s total revenue associated with each output level.
b. By comparing total cost and total revenue, find the output level that maximizes the firm’s profit.
c. What price should the firm set to achieve maximum profit?
d. Complete the final two columns to verify that the same conclusions are reached using the MR = MC rule.
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