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7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.

7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.
Transcribed Image Text:7. Study Questions and Problems #7 Use the data from the following demand schedule to answer the questions that follow. Price (P) (Dollars) Total Revenue (TR) Marginal Revenue (MR) Quantity Demanded (Q) (Dollars) (Dollars) 20.00 0 0.00 18.00 18.00 1 18.00 14.00 16.00 2 32.00 10.00 14.00 3 42.00 6.00 12.00 4 48.00 2.00 10.00 5 50.00 -2.00 8.00 6 48.00 -6.00 6.00 7 42.00 -10.00 4.00 8 32.00 -14.00 2.00 9 18.00 -18.00 0.00 10 0.00 Make the unrealistic assumption that production is costless for the monopolist in this question. The monopolist will charge a price of $ for the monopolist. per unit and sell units. This will yield an economic profit of S Now assume the marginal cost is above zero and is equal to the marginal revenue of the fourth unit. The monopolist will now charge monopolist will now earn price and produce when production was costless. In turn, the economic profit compared to when production was costless.
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