Price Qty Sold Total Revenue Marginal Revenue $ 20…
Price Qty Sold Total Revenue Marginal Revenue $ 20 3 18 5 16 7 14 10 12 15 10 30 The table above shows the demand schedule facing Nina, a monopolist selling baskets of rare flowers that can only be found on her land. a) Complete the table above with Total Revenue and Marginal Revenue at each output and price level b) Suppose that Nina has a constant marginal cost of $11 per basket, how many baskets should Nina sell to maximize her profit or minimize her losses c) What is the source of Nina’s monopoly power? Explain why Nina is protected from competition and a scenario whereby Nina could lose her monopoly power. d) Based on the information given, do we know if Nina is earning a profit? Why or why not?