11. A monopoly firm holding a patent right faces a market demand given in the table. Weassume there is no fixed costs and the monopolist maximizes profit.ΔTRΔTCa. Fill in the blanks. [Hint: MR =You may want to construct columns forAQ‚MCAQAQ, ATR, and ATC to find MR and MC.]TRMRTCMCProfit20306001624083601840320165040014604801270560b. From the table above, what is the price the monopoly firm would choose?

a) The table is represented below:

11. A monopoly firm holding a patent right faces a market demand given in the table. We assume there is no fixed costs and the monopolist maximizes profit. ΔTR ATC a. Fill in the blanks. [Hint: MR = MC AQ You may want to construct columns for AQ %3D AQ, ATR, and ATC to find MR and MC.] TR MR TC MC Profit 20 30 600 16 240 8 360 18 40 320 16 50 400 14 60 480 12 70 560 b. From the table above, what is the price the monopoly firm would choose?

11. A monopoly firm holding a patent right faces a market demand given in the table. We assume there is no fixed costs and the monopolist maximizes profit. ΔTR ATC a. Fill in the blanks. [Hint: MR = MC AQ You may want to construct columns for AQ %3D AQ, ATR, and ATC to find MR and MC.] TR MR TC MC Profit 20 30 600 16 240 8 360 18 40 320 16 50 400 14 60 480 12 70 560 b. From the table above, what is the price the monopoly firm would choose?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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