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Question 1

The table below shows data for the production of Oranges for an individual firm operating as a monopoly.

Quantity of OrangesPriceTotal Costs
06008500
10055048500
20050093500
300450143500
400400198500
500350258500
600300323500

Given this data, complete the table:





 Quantity of Oranges  Total Revenue (TR) Profit Marginal Revenue (MR) Marginal Costs (MC)
0
-- --
100
200
300
400
500


Hint


Question 2

At what quantity are marginal revenues equal to marginal costs?

Hint


Question 3

What is the profit maximizing quantity?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

Hint


Question 4

What is the profit maximizing price?

NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

Hint