$8)$ Complete the table $($Figure $8\mathrm{.}1)$ below for the figures from a business that has a monopoly on widgets Once completed plot the MR$,$ demand $($D$),$ MC$,$ and AC curves on the graph $($Figure $8\mathrm{.}2)$ and then answer the questions below. Properly label the graph for full marks. All parts of fill$-$in$-$the$-$blank answe

To maximize profits the business should

Finure $8?$ produce $($Q$)$ at a price of $\backslash (($P$)\backslash )$

$5$

$\backslash (\backslash$$ $\backslash )$

$\backslash$$

$\backslash (\backslash$square $\backslash )$ while total costs will be

$\backslash (\backslash$square $\backslash )$ which results in a$/$an $\backslash (\backslash$square $\backslash )$ economic profit $\backslash (\backslash$square $\backslash )$ economic loss $\backslash (\backslash$square $\backslash )$ break$-$even of $\backslash (\backslash$$ $\backslash )\backslash (\backslash$square $\backslash )$ If this was a perfectly competitive market this firm would produce $($Q$)$ at a price of $\backslash$$ $\backslash (\backslash$square $\backslash )$ which Is determined by the $\backslash (\backslash$square $\backslash )$ seller $\backslash (\backslash$square $\backslash )$ market. Then, if the government imposed a monopoly sales tax on profits AC would $\backslash (\backslash$square $\backslash )$ increase $\backslash (\backslash$square $\backslash )$ decrease and economic profit would $\backslash (\backslash$square $\backslash )$ increase decrease.

Figure $8\mathrm{.}1$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash (\backslash$mathbf$\{$Q$\}\backslash )$ & $\backslash (\backslash$mathbf$\{$P$\}\backslash )$ & TR & TC & AC & MC & MR & $*$E$.$ Profits $\backslash \backslash$

$\backslash$hline $1$ & $600$ & & $250$ & & & & $\backslash \backslash$

$\backslash$hline $2$ & $550$ & & $375$ & & & & $\backslash \backslash$

$\backslash$hline $3$ & $500$ & & $500$ & & & & $\backslash \backslash$

$\backslash$hline $4$ & $450$ & & $625$ & & & & $\backslash \backslash$

$\backslash$hline $5$ & $400$ & & $825$ & & & & $\backslash \backslash$

$\backslash$hline $6$ & $350$ & & $1250$ & & & & $\backslash \backslash$

$\backslash$hline $7$ & $300$ & & $2000$ & & & & $\backslash \backslash$

$\backslash$hline $8$ & $250$ & & $3200$ & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$