The following table shows the demand curve and cost informat…

The following table shows the demand curve and cost information for a firm that is a monopoly.What quantity should they produce to maximize their profits?Hint: find the largest difference between TR and TC. Price Quantity TC $10 0 $500 $9 200 $1,000 $8 400 $1,600 $7 600 $2,500 $6 800 $4,000

Steve and Craig have been shipwrecked on a deserted island i…

Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic activity consists of either gathering pineapples or fishing. We know Steve can catch 3 fish in one hour or harvest 3 baskets of pineapples. In the same time Craig can reel in 4 fish or harvest 4 baskets of pineapples. If they each spend 2 hours a day fishing and four hours a day harvesting pineapples, how many of each will Steve produce? How many will Craig produce? What will their total production be?