Question 62 Question 62 2 3 4 5 6 7 8 (Table: Demand and Total Cost for Asgard) Use Table: Demand and Total Cost for Asgard. Valkyrie runs a natural monopoly that produces electricity for a small mountain village near Asgard. The table shows the demand facing Valkyrie and Valkyrie's total costs. The marginal cost of the fourth unit of output is: لیا Table: Demand and Total Cost for Asgard Quantity (megawatts) (Table: Demand and Total Cost for Asgard) Use Table: Demand and Total Cost for Asgard. Valkyrie runs a natural monopoly that produces electricity for a small mountain village near Asgard. The table shows the demand facing Valkyrie and Valkyrie's total costs. The marginal cost of the fourth unit of output is: $75. $225. Table: Demand and Total Cost for Asgard Quantity (megawatts) $175. $125. Price per Megawatt Total Cost Price per Megawatt $550 500 450 400 350 300 250 200 Total Cost $1,000 1,075 1,200 1,375 1,600 1,875 2,200 2,575

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The theory of absolute advantage was given by Adam Smith in the year 1776.