Consider the following data for a firm:
Output Price Total Cost
1 100 160
2 90 180
3 80 210
4 70 250
5 60 300
6 50 360
7 40 430
8 30 510
9 20 600
10 10 700
a) Is this firm in a competitive market or a monopolist?
b) Complete the columns for to determine the profit maximizing output for this firm.
c) Draw the relevant graph to show the profit maximizing output.