Claire Hoo owns a natural spring water company that produces the only water available to a...

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Claire Hoo owns a natural spring water company that produces the only water available to a town. As a monopolist, she is trying to determine how much to produce. You are her economist. Fill in the blanks below and advise Claire how many gallons she should produce to maximize profits. Each blank correctly filled in is worth % point for a possible total of 20 points for the completed table. Quantity (gallons) 0 1 2 3 4 5 6 7 8 MORS Price $11 $10 $9 Points Possible Points Received Total Points $4 $3 $1 Total Revenue (TC) $24 $28 $30 Total Cost (TC) $5 How many gallons should Claire produce to maximize profits? Next, draw a graph showing: • Marginal Revenue (MR) Curve Marginal Cost (MC) Curve Demand Curve Be sure to label the monopoly price and quantity. (15 points) $6 co To save a copy of this document, click Duplicate. wit $15 Grading Rubric & Points Received Table Points 20 Gallon Qty Points 5 $20 $26 $33 $41 Profit gallons (5 points) Graph Points 15 Marginal Revenue (MR) Marginal Cost (MC) Claire Hoo owns a natural spring water company that produces the only water available to a town. As a monopolist, she is trying to determine how much to produce. You are her economist. Fill in the blanks below and advise Claire how many gallons she should produce to maximize profits. Each blank correctly filled in is worth % point for a possible total of 20 points for the completed table. Quantity (gallons) 0 1 2 3 4 5 6 7 8 MORS Price $11 $10 $9 Points Possible Points Received Total Points $4 $3 $1 Total Revenue (TC) $24 $28 $30 Total Cost (TC) $5 How many gallons should Claire produce to maximize profits? Next, draw a graph showing: • Marginal Revenue (MR) Curve Marginal Cost (MC) Curve Demand Curve Be sure to label the monopoly price and quantity. (15 points) $6 co To save a copy of this document, click Duplicate. wit $15 Grading Rubric & Points Received Table Points 20 Gallon Qty Points 5 $20 $26 $33 $41 Profit gallons (5 points) Graph Points 15 Marginal Revenue (MR) Marginal Cost (MC)

Answer rating: 100% (QA)

SOLUTION Em is the monopoly Equilibrium AR is the d... View the full answer