a) Complete the following table: Instructions: Enter your responses rounded to the nearest whole number. Indicate a negative response with a (-) negative sign. Price $24 $21 $18 $15 $12 $9 $6 $3 Quantity demanded 1 2 3 4 5 6 7 8 Marginal revenue (b) At what rate of output does marginal revenue turn negative? (c) If marginal cost is constant at $18, what is the profit-maximizing rate of output? (d) Assuming a firm has monopoly power, what price should be charged at that rate of output?

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a) Complete the following table: Instructions: Enter your responses rounded to the nearest whole number

Accounting Feb 16, 2021

a) Complete the following table:
Instructions: Enter your responses rounded to the nearest whole number. Indicate a negative response with a (-) negative sign.

Price	$24	$21	$18	$15	$12	$9	$6	$3
Quantity demanded	1	2	3	4	5	6	7	8
Marginal revenue

(b) At what rate of output does marginal revenue turn negative?

(c) If marginal cost is constant at $18, what is the profit-maximizing rate of output?

(d) Assuming a firm has monopoly power, what price should be charged at that rate of output?

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