Need answers to all questions Fill out the following table to answer Questions Q32 through Q36:QuantityPriceTotal Revenue$1000Marginal Revenue$900$8003$7004.$600$5006.$400Q32 What is the marginal revenue of the 2nd unit?a) $700b) $800c) $1,600d) $2,500Q33 What is the total revenue when selling 5 units?a) $700b) $800c) $1,600d) $2,500*** Suppose it costs $300 to produce each unit, such that MC = ATC = 300, ***Q34 What price would the monopolist charge?$.Hint: Perform a marginal analysis to determine optimal quantity.a) $1,000b) $800c) $600d) $400Q35 What is the monopolist's profit?Hint: Find out Total Cost by multiplying cost of producing each unit by the number of units produced.$.a) $1,200b) $800c) $400d) $0e)-$400Q36 Suppose the monopolist has fixed costs of $1,000 (in addition to MC=$300), would the monopolistexit the market in the long run? Would entrepreneurs enter the market?a) Monopolist exits.b) Entrepreneurs enter.c) Neither of the above would occur. the "fair retu the graph on the previous page, Suppose the government regulates the monopoly. What isHint: Slide 22a) $40b) $33c) $30d) $25*For Questions Q29 through Q31, assume that Portlandia's only goal is economic efficiency.Hint: Refer directly to Slide 21.Q29 A new city, Portlandia, has been founded, The town leaders are deciding how to handle the matterof electricity generation and transmission. A consultant comes to the meeting and states, "At themoment, PowerAll is the sole supplier of electricity. It is important to keep in mind that the electricityindustry exhibits economy of scale."What course of action would you recommend to the leaders of Portlandia regarding PowerAll?a) Destroy monopoly by utilizing antitrust lawb) Allow monopoly to exist, but regulate its price and operationsc)Ignore the monopoly, allow for creative destructiond) Provide special tax breaksQ30 A single firm, Otnasnom®, owns all of the food-producing land in Portlandia. Since there is no tradein and out of Portlandia, the firm has a monopoly on the city's food market.What course of action would you recommend to the leaders of Portlandia? Explain why.a) Destroy monopoly by utilizing antitrust lawb) Allow monopoly to exist, but regulate its price and operationsc) Ignore the monopoly, allow for creative destructiond) Provide special tax breaksQ31 Portlandia only has one movie theater, Burton's Vids, and there is not another movie theater withinreasonable driving distance. The advent of video vending machines and online streaming/downloading iscausing demand for the theater to decrease. The owner of Burton's Vids appeals to the city's council,saying "unless I get some special tax breaks, I'm going to have to shut down the company and lay off 6employees."What course of action would you recommend to the leaders of Portlandia? Explain why.a) Destroy monopoly by utilizing antitrust lawb) Allow monopoly to exist, but regulate its price and operationsc) Ignore the monopoly, allow for creative destructiond) Provide special tax breaks

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Fill out the following table to answer Questions Q32 through Q36: Quantity Price Total Revenue Marginal Revenue $1000 1 $900 2 $800 3 $700 4 $600 $500 6. $400 32 What is the marginal revenue of the 2nd unit? a) $700 b) $800 c) $1,600 d) $2,500 3 What is the total revenue when selling 5 units? a) $700 b) $800 c) $1,600 d) $2,500 Suppose it costs $300 to produce each unit, such that MC = ATC = 300. *** $. What price would the monopolist charge? Perform a marginal analysis to determine optimal quantity. a) $1,000 b) $800 c) $600 d) $400