#9 9)maximizing price and quantity labeled at Pm and Qm. Onthe same graph show the "socially optimal" price andquantity labeled as Pso and Qso.Show a monopoly graph with the profit10)Show a monopoly firm in a situation where theywould immediately shut-down. Note: To shut down isdifferent than going out of business. To shut-down meansthat today, you will immediately decide to produce aquantity of zero. They would decide to do this if AVC isgreater than or equal to the price of the product.

The monopoly will maximise it's profit when Marginal Revenue is equal to the Marginal Cost. MR = MC

Answered: 9) maximizing price and quantity…

9) maximizing price and quantity labeled at Pm and Qm. On the same graph show the "socially optimal" price and quantity labeled as Pso and Qso. Show a monopoly graph with the profit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

9)
maximizing price and quantity labeled at Pm and Qm. On
the same graph show the "socially optimal" price and
quantity labeled as Pso and Qso.
Show a monopoly graph with the profit
10)
Show a monopoly firm in a situation where they
would immediately shut-down. Note: To shut down is
different than going out of business. To shut-down means
that today, you will immediately decide to produce a
quantity of zero. They would decide to do this if AVC is
greater than or equal to the price of the product.

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