Question: Question # 2 (a) For the monopoly shown in the figure below: [4] Price and casts (dolars per unit. 50 40 MC 30 20 O

Question # 2 (a) For the monopoly shown in the figure below: [4] Price and casts (dolars per unit. 50 40 MC 30 20 O 8 9 10 11 12 (i) Quantity (units per cday) (ii) Determine the profit maximizing output and price. (iii) What is the marginal cost? When monopoly maximizes its profit. For the monopoly shown in the figure above, what is the economic profit? (b) National dental clinic specializes in root canal operation without administration of pain-killing drugs. If the output (Q) is measured as number of root canals performed on daily basis, define the short run measures of costs: FC, VC,TC,MC,AFC,AVC,ATC Do the necessary calculations and fill the spaces in the table given below:(Copy & Complete the table below in your answer sheet only) [8] Q FC VC TC MC AFC AVC ATC 1 $13 $38 $28 3 $70 4 $64 5 $22 6 $108 7 $133 8 $20

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