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?

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter8: Output, Price, And Profit: The Importance Of Marginal Analysis

Section8.A: Appendix The Relationships Among Total, Average, And Marginal Data

Problem 1TY

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A Monday, 12/20 - NFTS O Sanaa Colins - NFTS - Google Sli x b My Questions | bartleby A docs.google.com/presentation/d/1MuCuhpTAgxdAalF1FrWuQcqsQek2Q5HqVG9k3sK3M8M/edit#slide=id.g108a0664cd3_0_150 Sanaa Colins - NFTS O Present * Share File Edit View Insert Format Slide Arrange Tools Add-ons Help Last edit was seconds ago TI A - 9 Background Layout- Theme Transition | 1 | 2 | 3 | 4 | 5 | 6 | 7. | 8 | 9 | what is Fungible? A manfungble ken ianique tokan that iuriteaiy Ecchargaable withanete The met populwa rvoka Artwarks haveben S heackchain lar manof dalla ja Eherun Discuss with Your Group NBA Top Shot wdid having the NBA Involved, help NFT? Do you think NFTS will get more popular or they're just a temporary fad? Why? + Discuss with Your Group Do you think NFTS WILL get more popular or theyre Just a temporary fad? Why? 7 Summary of Croup Discussion Kahoot! Click to add speaker notes
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