Question: Refer to the graph and table below to answer three questions about a monopolist. Monopoly Fish Market Price (dollars per pound) $-1 $14 $13

Refer to the graph and table below to answer three questions about a monopolist. Monopoly Fish Market Price (dollars per pound) $-1 $14 $13 $12 $11 $10 $9 0 1 MR 2 3 4 5 6 7 8 9 Quantity (pounds of fish per hour) D 10 Quantity Price Total Revenue Marginal Revenue 1 $13 $13 - 2 12 24 3 11 33 $11 9 4 10 40 5 9 45 6 8 7 8 7 6 48 49 48 -1 27531- Instructions: Enter your responses as a whole number. a. At what output rate is total revenue maximized? pounds of fish b. What is marginal revenue at that output rate? c. If the firm is currently producing at that rate of output identified in part a, should the firm increase, decrease, or not change the rate of production? (Click to select)

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