1. Consider a market with demand D: P = 2,050 – 75Q that is served by a monopoly. The structure of the monopolistic firm's costs is given in the table below. Calculate missing values. a. Graph the fixed, variable and total cost curves. b. Graph the marginal, average variable and average total cost curves. VC FC TC AVC AFC ATC MC 0.00 3,780.00 NA NA NA NA 1 400.00 700.00 900.00 4 1,000.00 1,050.00 6. 1,200.00 7 1,400.00 8. 2,000.00 2,700.00 10 4,000.00 2. Graph the market demand and the monopoly marginal revenue MR. Recall that the marginal revenue of the monopoly has slope that is two times greater (in absolute value) than the demand curve. a. Find the profit maximizing quantity Qm monopoly chooses to produce. b. Find the monopoly price Pm. c. Calculate monopoly economic profit. d. Show that the monopoly produces inefficiently.

1. Consider a market with demand D: P = 2,050 – 75Q that is served by a monopoly. The structure of the monopolistic firm's costs is given in the table below. Calculate missing values. a. Graph the fixed, variable and total cost curves. b. Graph the marginal, average variable and average total cost curves. VC FC TC AVC AFC ATC MC 0.00 3,780.00 NA NA NA NA 1 400.00 700.00 900.00 4 1,000.00 1,050.00 6. 1,200.00 7 1,400.00 8. 2,000.00 2,700.00 10 4,000.00 2. Graph the market demand and the monopoly marginal revenue MR. Recall that the marginal revenue of the monopoly has slope that is two times greater (in absolute value) than the demand curve. a. Find the profit maximizing quantity Qm monopoly chooses to produce. b. Find the monopoly price Pm. c. Calculate monopoly economic profit. d. Show that the monopoly produces inefficiently.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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