2.Based on the demand and cost data for a pure monopolist given in the table below,…

2.Based on the demand and cost data for a pure monopolist given
in the table below, answer the following questions

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Output          
0       
1     2    
3      4     
5
Price ($)     1000 600 500 400 300 200
Total Cost     500 520 580 700 1000 1500

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a. Calculate the marginal revenue and marginal cost for this
monopolist.
b. How many units of output will the profit-maximizing
monopolist produce? At what price?
c. If this is a perfectly discriminating monopolist and he sells
4 units of this product, what is his total revenue?
3. Draw a graph according to the following descriptions, label
all the curves you used and indicate the area of economic profit or
loss.
a. a purely competitive firm in earning economic profits in the
short run.
b. a natural monopoly
c. a monopolistically competitive firm experiencing economic
losses in the short run.
d. a monopolistically competitive firm in long run
equilibrium.
e. an oligopoly in which the members are behaving in
collusion.
4 Assume that a purely competitive firm has the schedule of the
average and marginal costs given in the table below