The Table Below Shows the Costs and Demand for the Primrose

question 3

Essay

The table below shows the costs and demand for the Primrose Oil industry. $\begin{array} { c c c } \hline \text { Quantity } & \text { Price } & \text { Total Cost } \\\hline 0 & \$ 86 & \$ 40 \\1 & 82 & 70 \\2 & 78 & 90 \\3 & 74 & 120 \\4 & 70 & 160 \\5 & 66 & 210 \\6 & 62 & 272 \\7 & 58 & 348 \\8 & 54 & 440 \\\hline\end{array}$ a) If this were a perfectly competitive industry, what would be the price, output and total industry profit?
b) If, alternately, this were a monopoly industry, what would the price, output, and total profit?
Hint: Calculate [TR; MR; MC]

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Definitions:

Ndongo

A historical African kingdom located in what is now Angola, known for its resistance against Portuguese colonization in the 16th century.

Portuguese Forces

The military organizations of Portugal, including the Army, Navy, and Air Force, responsible for the defense and security of the country.

Battalion

A military unit consisting of several companies or batteries and typically commanded by a lieutenant colonel.

Songhay Kingdom

A powerful West African state that flourished in the 15th and 16th centuries, known for its cultural achievements and military prowess.