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 Suppose there is only one supplier in the market of product X

Economics

 Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier's cost. Price Quantity Marginal Cost Demanded $1,600 1 550 1.300 600 1,200 1,100 1,000 0 1,500 1,400 500 2 3 4 5 6 7 8 9 10 650 700 750 800 850 900 900 800 700 600 950 A. Determine the supplier's profit-maximizing output quantity. Explain your answer. (30 marks) B. At what price should the supplier charge to maximize its profit? Explain your answer. (10 marks) C. Suppose at the profit-maximizing output quantity you have determined in part A, the average variable cost is $600 and the average total cost is $800. Calculate the total profit at the profit- maximizing output quantity. 

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