Question: Use the table given below to answer the following questions:a. Calculate the price associated with selling this product. Does the table depict a monopolist or

Use the table given below to answer the following questions:a. Calculate

Use the table given below to answer the following questions:a. Calculate the price associated with selling this product. Does the table depict a monopolist or a competitive firm? Explain your reasoning clearly.b. Find the profit maximizing output and the price associated with selling it in the market.c. Discuss if the production and pricing decision is welfare maximizing or not.

Quantity Produced Total Cost ($) Total Revenue ($) 0 10 0 12 8 2 16 15 3 22 21 4 30 24 40 25

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