2. A Monopolist is facing a demand schedule that is shown in the following table.Total RevenueAverageMarginal RevenueQuantityPriceRevenue$35$35$3211$64$87$10423$29$26$23$2045$1156$12078$17$119$14$1129$11$9910$8$80a) Fill out the rest of the table.b) Assume this monopolist's marginal cost is constant at $11. What quantity of output (Q) will itproduce and what price (P) will it charge?

A monopolist is sole producer in the market for a good and hence they are acting as a price maker as…

2. A Monopolist is facing a demand schedule that is shown in the following table. Total Revenue Average Marginal Revenue Quantity 1 Price Revenue $35 $32 $29 $26 $35 1 2 3 4 15 $64 $87 $104 $23 $115 6 $20 $120 7 $17 $119 $14 $112 $99 $80 9 $11 10 $8 a) Fill out the rest of the table. b) Assume this monopolist's marginal cost is constant at $11. What quantity of output (Q) will produce and what price (P) will it charge?

2. A Monopolist is facing a demand schedule that is shown in the following table. Total Revenue Average Marginal Revenue Quantity 1 Price Revenue $35 $32 $29 $26 $35 1 2 3 4 15 $64 $87 $104 $23 $115 6 $20 $120 7 $17 $119 $14 $112 $99 $80 9 $11 10 $8 a) Fill out the rest of the table. b) Assume this monopolist's marginal cost is constant at $11. What quantity of output (Q) will produce and what price (P) will it charge?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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