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Questions -
Q1. Olivia's Optimum Olive Oil, Inc., a single-price monopoly, faces the following demand schedule and total cost figures for their premium virgin olive oil
Price
Quantity Demanded
Total Revenue
Marginal Revenue
Quantity Produced
Total Cost
Marginal Cost
$10
0
1
8
3
6
2
7
4
13
21
5
31
Complete the table above and then use that information to answer the questions which follow:
Q2. What will be the profit-maximizing output and price?
Q3. What will be the amount of total profit at the above price/output combination?
Q4. Draw a diagram showing this profit maximization, being sure to include all relevant graphs and labeling everything, including the profits.
Q5. Compared to a perfectly competitive firm producing olive oil, is Olivia's output decision efficient? Explain your answer.
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