7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Quantity Demanded (Q) (Dollars) Marginal Revenue (MR) (Dollars) 30.00 0 0.00 27.00 27.00 I 27.00 21.00 24.00 2 48.00 15.00 21.00 3 63.00 9.00 18.00 4 72.00 3.00 15.00 5 75.00 -3.00 12.00 6 72.00 -9.00 9.00 7 63.00 -15.00 6.00 8 48.00 -21.00 3.00 9 27.00 -27.00 0.00 10 0.00 Make the unrealistic assumption that production is bostless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.