Problem
Use data in the following table to explain the economic effects of a price ceiling at exist2, at exist3, and at exist4. Explain the economic effects. In the following table are demand and cost data for a pure monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost. Answer these three questions:
(a) What output will the monopolist produce?
(b) What price will the monopolist charge?
(c) What total profit will the monopolist receive at the profit-maximizing level of output?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.