4. A monopolist is faced with the following cost and revenue curves: $ 80 70 60 50 40 30 20 10 0 -10 -20 MC AC X AR 100 200 300 400 500 600 MR Quantity (a) What is the maximum-profit output? (b) What is the maximum-profit price? (c) What is the total revenue at this price and output?. (d) What is the total cost at this price and output?. (e) What is the level of profit at this price and output?. (f) If the monopolist were ordered to produce 300 units, what would be the market price?
4. A monopolist is faced with the following cost and revenue curves: $ 80 70 60 50 40 30 20 10 0 -10 -20 MC AC X AR 100 200 300 400 500 600 MR Quantity (a) What is the maximum-profit output? (b) What is the maximum-profit price? (c) What is the total revenue at this price and output?. (d) What is the total cost at this price and output?. (e) What is the level of profit at this price and output?. (f) If the monopolist were ordered to produce 300 units, what would be the market price?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Monopoly
Section: Chapter Questions
Problem 1PA
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