3. Below is the table representing the cost of production and demand schedule for Roxxy's Wigs. Roxxy operates as a monopoly. Price Quantity Demanded Total Cost 15 19 22 4 26 31 37 44 52 61 10 71 a) Is Roxxy producing in the short-run or the long run? Why? . b) Does Roxxy's production table exhibit diminishing marginal productivity? Why? c) What is Roxxy's profit maximizing leve 1 of output and price? What is her profit? . d) If Roxxy's market became perfectly competitive, what would her profit maximizing level of output and price be?
3. Below is the table representing the cost of production and demand schedule for Roxxy's Wigs. Roxxy operates as a monopoly. Price Quantity Demanded Total Cost 15 19 22 4 26 31 37 44 52 61 10 71 a) Is Roxxy producing in the short-run or the long run? Why? . b) Does Roxxy's production table exhibit diminishing marginal productivity? Why? c) What is Roxxy's profit maximizing leve 1 of output and price? What is her profit? . d) If Roxxy's market became perfectly competitive, what would her profit maximizing level of output and price be?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:3. Below is the table representing the cost of production
and demand schedule for Roxxy's Wigs. Roxxy
operates as a monopoly.
Price Quantity Demanded Total Cost
10
15
11
10
19
22
26
31
6
37
44
8
52
61
10
a) Is Roxxy producing in the short-run or the long
run? Why? ·
b) Does Roxxy's production table exhibit
diminishing marginal productivity? Why?
c) What is Roxxy's profit maximizing leve 1 of
output and price? What is her profit? .
d) If Roxxy's market became perfectly competitive,
what would her profit maximizing level of output
and price be?
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