Suppose that Eric has a Magazine monopoly. The following table gives Eric's demand and costs per month for subscriptions to basic cable: Price Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost $27 3     $56   26 4     73   25 5     91   24 6     110   23 7     130   22 8     151   a. If Eric wants to maximize profits, what price should it charge, and how many Magazine subscriptions per month should it sell? How much profit will Eric make? Suppose the local government imposes a $45 per month tax on Magazine companies. b. What price should Eric now charge, and how many subscriptions should it sell? What will its profits be?

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