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The following table shows the demand curve facing a monopolist who produces at a constant marginal cost of $10.
Price Quantity27 ..........024 ..........221 ..........418 ..........615 ..........812 ..........109 ...........126 ...........143 ...........160 ...........18a. Calculate the firm's marginal revenue curve.b. What are the firm's profit-maximizing output and price? What is its profit?c. What would the equilibrium price and quantity be in a competitive industry?d. What would the social gain be if this monopolist were forced to produce and price at the competitive equilibrium? Who would gain and lose as a result?
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