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Economics

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1. shows the quantity and price that form a monopolist's demand curve. Table 1 Price Total Marginal Total Cost Marginal Output (P) Revenue Revenue (TC) Cost (TR) (MR) (MC) Total Profit 0 RMO RM10 1 RM130 RM70 N RM109 RM120 3 RM92 RM166 4 RM80 RM210 5 RM66 RM253 6 RM50 RM298 a) Based on Table 1, fill up the columns of Total Revenue (TR), Marginal Revenue (MR), Marginal Cost (MC), and Total Profit. (Prepare your answers in the form of a table). (14) b) What is the value of fixed cost for this firm? (2) c) Determine the level of output that maximises the monopolist's total profit. (4)

2.a) Define Price–Consumption Curve (PCC) and Income-Consumption Curve (ICC). (4)

b) llustrate the curves that can be derived from PCC and ICC. Explain. (10)

3.Tea Forté, Inc. sells tea and tea mugs on Amazon.com's site. In December 2017, when Tea Forté cut the price of its loose-leaf tea samplers by 35 percent, it sold 6.5 times as many samplers as before the price cut. Source: Laura Stevens, "Merchants Ride Amazon's Deals," Wall Street Journal, December 11, 2017. a. Based just on this information, the price elasticity of demand for Tea Forté's tea samplers is place.) - (Enter your response as a negative number rounded to one decimal