QUESTION 16 The table below shows the costs and demand for the…

QuestionAnswered step-by-stepQUESTION 16 The table below shows the costs and demand for the…QUESTION 16 The table below shows the costs and demand for the Primrose Oil industry.uantity Price Total Cost0 $86 $401 82 702 78 903 74 1204 70 1605 66 2106 62 2727 58 3488 54 440a) 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 be?  QUESTION 19 Popsi and Cuke entered into an (illegal) agreement whereby each agreed to reduce the amount spent on advertising by 50 percent. After a year of apparent success, Popsi is uneasy about the agreement and begins to wonder whether it should continue to abide by the agreement or, instead, go back to its pre-agreement level of advertising. The payoff matrix, expressed in millions of dollars of profits per year, for Popsi and Cuke’s choices is shown in the table below. What do you think Popsi should do, and why?  PopsiStick to agreement Increase advertisingbudgetCuke Stick toagreement  Popsi’s profit: $30 Popsi’s profit: $35Cuke’s profit:$30 Cuke’s profit: $15Increaseadvertisingbudget Popsi’s profit: $15 Popsi’s profit: $20Cuke’s profit: $35 Cuke’s profit: $20 QUESTION 24 The following table gives the cost and demand data for a monopolist: Output Price $ Marginal Revenue $ Average Cost $ Marginal Cost $0        1 100 100 138 1002 95 90 109 803 90 80 86 404 85 70 82 705 80 60 80 726 75 50 79.2 757 70 40 80 858 65 30 82 96Suppose that the monopolist is regulated and forced to charge a socially optimum price. What will be the price and output?        BusinessEconomicsMicroeconomicsECON 1012Share Question