2 3 4 5 6 1 7 5. Use the table below to answer the following questions: Quantity Demand (Price) $1200 1100 1000 900 800 700 600 Marginal Revenue 1200 1000 800 600 400 200 0 Marginal Cost 500 275 225 250 400 500 700 Average Cost 500 388 333 313 330 358 407 a. What is this firm's profit-maximizing price? What is its profit-maximizing output? b. What is the firm's average profit? What is the firm's total profit? c. If at least one consumer is willing to pay $1200 for this product, why won't the monopolist charge $1200?

2 3 4 5 6 1 7 5. Use the table below to answer the following questions: Quantity Demand (Price) $1200 1100 1000 900 800 700 600 Marginal Revenue 1200 1000 800 600 400 200 0 Marginal Cost 500 275 225 250 400 500 700 Average Cost 500 388 333 313 330 358 407 a. What is this firm's profit-maximizing price? What is its profit-maximizing output? b. What is the firm's average profit? What is the firm's total profit? c. If at least one consumer is willing to pay $1200 for this product, why won't the monopolist charge $1200?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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