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Please make sure scholarly sources are used and in text citation are properly used.(mim3) I will be uploading a unit 5 /6 live scribe , a word document with questions and graph again and unit 6 podcast. Question 3 should be referring back to Question #2. You just need to report the profit that is earned at the optimum level of output.There will not be a Livescribe for Unit 6 because the material is so similar to Unit 5. I want to give you a couple of hints that distinguish perfect competition from monopoly.Please explain work as expressed in the questions and don't forget spreadsheets.
1. Note that a monopolist will produce where MR=MC. Unlike a competitive firm, the monopolist does not have to set P=MR.
2. The shut-down rule will be the same for the monopolist as it was for a competitive firm.
The El Dorado Star is the only newspaper in El Dorado, New Mexico. Certainly, the Star competes with The Wall Street Journal, USA Today, and the New York Times for national news reporting, but the Star offers readers stories of local interest, such as local news, weather, high-school sporting events, and so on. The El Dorado Star faces the revenue and cost schedules shown in the spreadsheet that follows:
A template for the spreadsheet is provided in the Course Materials. Since we are using dollars and cents, be sure to go out two decimal places on your calculations. Add columns to show, respectively, marginal cost (MC), marginal revenue (MR), and total profit.
Place your completed spreadsheet in the Drop Box, and use it to answer the following questions. Your spreadsheet is worth 15 points.
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