Please help to resolve all because those questions are linked. Task 1A monopoly determines its economic strategy when setting prices and output basedon a comparison of marginal cost (MC) and marginal revenue (MR).The table shows the data characterizing the activities of the monopoly.Output(Q), unitsPrice of aTotalTotalAverage Marginal MarginaltotalProfitproduct(Р), Srevenuecostscosts(Pг), Srevenue(TR), $(ТC), Scosts(МC), S(MR), S(АТC)6016492258108352116446134401626.34214728278Using the data:1. Calculate and fill in the gaps in the table.2. Build a graph of total revenue TR, total costs (TC) and profit (Pr).3. Build curves of demand (D), marginal revenue (MR), marginal cost (MC) andaverage total costs (ATC).4. Graphically find the optimal output that maximizes the profits of the company.5. Graphically determine the price at which the monopoly will sell products on themarket.6. On the charts, find the area that determines the profit of the monopoly.

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1. Calculate and fill in the gaps in the table.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please help to resolve all because those questions are linked.

Task 1
A monopoly determines its economic strategy when setting prices and output based
on a comparison of marginal cost (MC) and marginal revenue (MR).
The table shows the data characterizing the activities of the monopoly.
Output
(Q), units
Price of a
Total
Total
Average Marginal Marginal
total
Profit
product
(Р), S
revenue
costs
costs
(Pг), S
revenue
(TR), $
(ТC), S
costs
(МC), S
(MR), S
(АТC)
60
1
64
92
2
58
108
3
52
116
4
46
134
40
162
6.
34
214
7
28
278
Using the data:
1. Calculate and fill in the gaps in the table.
2. Build a graph of total revenue TR, total costs (TC) and profit (Pr).
3. Build curves of demand (D), marginal revenue (MR), marginal cost (MC) and
average total costs (ATC).
4. Graphically find the optimal output that maximizes the profits of the company.
5. Graphically determine the price at which the monopoly will sell products on the
market.
6. On the charts, find the area that determines the profit of the monopoly.

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