1- The below graph shows a monopolist that faces a market demand according to his cost functions. Answer all following questions: Figure 1 MC $22 18 16 14 11 8 MR I 12 17 22 a. What is the production level that will maximize profit (or minimize loss) for the monopolist? Explain. b. Calculate the monopolist's total revenue (TR) at the production level that will maximize profit (or minimize loss). c. Calculate the monopolist's total cost (TC) at the production level that will maximize profit (or minimize loss). ATC AVC D = AR

1- The below graph shows a monopolist that faces a market demand according to his cost functions. Answer all following questions: Figure 1 MC $22 18 16 14 11 8 MR I 12 17 22 a. What is the production level that will maximize profit (or minimize loss) for the monopolist? Explain. b. Calculate the monopolist's total revenue (TR) at the production level that will maximize profit (or minimize loss). c. Calculate the monopolist's total cost (TC) at the production level that will maximize profit (or minimize loss). ATC AVC D = AR

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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