8. Hospital Profit Maximization A. Below are two figures representing profit-maximization in two different hospitals. Please label the marginal cost, marginal revenue, average cost and average revenue for each of the two hospitals. Hospital (a) Hospital (b) Output (0) Output (0) B. According to the model shown in the graphs, can you identify which of the hospitals is a hospital in a competitive market (price-taker), and which hospital appears to be monopolistic? Please explain. C. Fill in the average revenue and marginal revenue in the table. Output (Q) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 4 $320 5 $375 6 $420 7 $455 Cont Reven Cont Reven

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