3. Consider the following cost and demand data for a pure monopolist. Quantity Marginal Average Marginal demanded Price revenue cost cost 0 $105.00 1 96.00 96.00 $144.00 $144.00 2 87.00 78.00 90,00 36.00 3 78.00 60.00 70.34 30.00 4 69.00 42.00 53.00 42.00 5 60.00 24.00 60.00 48.00 6 51.00 5.00 58.50 51.00 7 42.00 -12.00 57.86 54.00 8 33.00 -30.00 57.50 55.50 9 24.00 -48.00 57.33 56.00 (a) What is the level of price, output, and amount of profit for an unregulated monopolist? (b) Using the data in the table, what are the price, output, and profit for a regulated monopolist that sets price equal to marginal cost compared with an unregulated monopolist? (c) Using the data in the table, what are the price, output, and profit for a regulated monopolist that charges a "fair-return" price compared with an unregulated monopolist? (d) Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? Why? 4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Total Marginal Quantity Marginal Output cost cost demanded Price revenue $ 75 $180 120 .65 135 150 165 135 210 14 120 270 105 16 345 90 435 75 18 540 60 560 45 10 795 10 30 (a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run