Minnies Mineral Springs faces the market demand schedule in Problem 5 and has the following total cost

Question:

Minnie’s Mineral Springs faces the market demand schedule in Problem 5 and has the following total cost schedule in the table.
Quantity producedTotal cost
(bottles per hour) (dollars)
0 …………………………………. 1
1 …………………………………. 3
2 …………………………………. 7
3 ………………………………….13
4 ………………………………….21
5 ………………………………….31
a. Calculate Minnie’s profit-maximizing output and price.
b. Calculate the economic profit.