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1. Calculate and fill in the gaps in the table.

1. Calculate and fill in the gaps in the table.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Task 1 A monopoly determines its economic strategy when setting prices and output based on a comparison of marginal cost (MC) and marginal revenue (MR). The table shows the data characterizing the activities of the monopoly. Output (Q), units Price of a Total Total Average Marginal Marginal total Profit product (Р), S revenue costs costs (Pг), S revenue (TR), $ (ТC), S costs (МC), S (MR), S (АТC) 60 1 64 92 2 58 108 3 52 116 4 46 134 40 162 6. 34 214 7 28 278 Using the data: 1. Calculate and fill in the gaps in the table. 2. Build a graph of total revenue TR, total costs (TC) and profit (Pr). 3. Build curves of demand (D), marginal revenue (MR), marginal cost (MC) and average total costs (ATC). 4. Graphically find the optimal output that maximizes the profits of the company. 5. Graphically determine the price at which the monopoly will sell products on the market. 6. On the charts, find the area that determines the profit of the monopoly.
Transcribed Image Text:Task 1 A monopoly determines its economic strategy when setting prices and output based on a comparison of marginal cost (MC) and marginal revenue (MR). The table shows the data characterizing the activities of the monopoly. Output (Q), units Price of a Total Total Average Marginal Marginal total Profit product (Р), S revenue costs costs (Pг), S revenue (TR), $ (ТC), S costs (МC), S (MR), S (АТC) 60 1 64 92 2 58 108 3 52 116 4 46 134 40 162 6. 34 214 7 28 278 Using the data: 1. Calculate and fill in the gaps in the table. 2. Build a graph of total revenue TR, total costs (TC) and profit (Pr). 3. Build curves of demand (D), marginal revenue (MR), marginal cost (MC) and average total costs (ATC). 4. Graphically find the optimal output that maximizes the profits of the company. 5. Graphically determine the price at which the monopoly will sell products on the market. 6. On the charts, find the area that determines the profit of the monopoly.
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