1. The following table shows demand and cost data for a pure monopolist. Qu

1. The following table shows demand and cost data for a pure monopolist.

Quantity demanded

Price

Total revenue

Marginal revenue

Total cost

Marginal cost

0

$17

$_____

$10

1

16

_____

$_____

18

$_____

2

15

_____

_____

23

_____

3

14

_____

_____

25

_____

4

13

_____

_____

27

_____

5

12

_____

_____

28

_____

6

11

_____

_____

32

_____

7

10

_____

_____

40

_____

8

9

_____

_____

50

_____

9

8

_____

_____

64

_____

10

7

_____

_____

80

_____

a. Complete the table by filling in the columns for total revenue marginal revenue and marginal cost.

b. Answer the next three questions using the data you calculated in the table.

(1) What output will the monopolist produce? _____________

(2) What price will the monopolist charge? _____________

(3) What total profit will the monopolist receive at the profit-maximizing level of output? _____________