Question: Looking at the table below fill in the gaps and answer the questions below it Quantity Price Total revenue Marginal revenue Total cost Marginal cost

Looking at the table below fill in the gaps and answer the questions below it

Quantity Price Total revenue Marginal revenue Total cost Marginal cost

0 $20 $15

1 18 21

2 16 27

3 14 33

4 12 39

5 10 45

1. What is the profit-maximizing output of the monopolist ?

2. What price would the monopolist charge at the profit-maximizing output ?

3. What is marginal revenue at the profit-maximizing output ?

4. What is the marginal cost of the profit-maximizing output?

5. What is the monopolist's level of profit at this output ?

6. What is the monopolist's fixed cost?

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