Fill in the missing data on a monopolist, with fixed costs of $10, in the following table:

Quantity of Output	Price ($)	Total Revenue ($)	Marginal Revenue ($)	Marginal Cost ($)	Average Total Cost ($)
1	11				18.00
2	10				11.00
3	9				7.67
4	8				7.00
5	7				6.60
6	6				7.00
7	5				8.00

At what quantity will the monopolist produce to maximize profits? What will be the price at this level of output? What will be the profits?

What quantity maximizes total revenue? Why is this not the profit-maximizing quantity?

Sketch the demand curve, the marginal revenue curve, the marginal cost curve, and the average total cost curve. Show how to derive the profit-maximizing quantity and the profits earned by the monopolist graphically.