1. price
quantity
Total revenue
Marginal revenue
Total
Cost
profit
$20 1 19 2 18 3 17 4 16 5 15 6 14 7 13 8 12 9 11 10 20

2. price
quantity
Total revenue
Marginal revenue
Total
Cost
profit
$20 1 -
$14 $6 19 2 38
$18 28 10 18 3 54 16 42 12 17 4 68 14 56 5 80 70 15 6 90 84 7 98 8 13
104
112 -8 9
108
126
-18 11
110
140
-30
154
-44 -2 -4 -6
-10
-12
-14
-16 20

3. $20
Whole dollar amounts of individual consumer surplus at a market price of $14
( )= 21 or 3½ x6=21 6
$17 5 4 3 2 1
$14
$10
AR, (D) MR 4 7 11

4. $20
Whole dollar amounts of individual consumer surplus at a market price of $17
3+2+1=6 or 2x3=6 3 2 1
$17
$14
$10
AR, (D) MR 4 11

5. P
The monopolistic firm would produce output, where MR=MC
(P>MR)
because MR lies below demand
$20
$17
The competitive firm would produce output, where P=MC
(P=MR)
because MR is equal to D
AC, MC
$14
$10
price
AR, (D) MR Q 4 7 11