a. Calculate the missing TR and MR amounts for Group 1. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Demanded Total Revenue Marginal Revenue Quantity Demanded Total Revenue Marginal Revenue Price Price $115 100 83 71 $71 $0 63 4 63 1 63 S63 55 5 55 110 47 48 48 3 144 34 es 42 7 42 4 168 24 37 8 37 185 17 33 9 33 198 13 29 10 29 203 Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be produced at a price of $ Group 2: units will be produced at a price of $ c. Based solely on these two prices, which market has the higher price elasticity of demand? O The first market has the higher price elasticity of demand. O The second market has the higher price elasticity of demand. d. What will be this monopolist's total economic profit?

a. Calculate the missing TR and MR amounts for Group 1. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Group 1 Group 2 Quantity Demanded Total Revenue Marginal Revenue Quantity Demanded Total Revenue Marginal Revenue Price Price $115 100 83 71 $71 $0 63 4 63 1 63 S63 55 5 55 110 47 48 48 3 144 34 es 42 7 42 4 168 24 37 8 37 185 17 33 9 33 198 13 29 10 29 203 Instructions: Enter your answers as a whole number. b. Assume that MC is $13 in both markets and MC = ATC at all output levels. What price will the firm charge in each market? Group 1: units will be produced at a price of $ Group 2: units will be produced at a price of $ c. Based solely on these two prices, which market has the higher price elasticity of demand? O The first market has the higher price elasticity of demand. O The second market has the higher price elasticity of demand. d. What will be this monopolist's total economic profit?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 20CTQ: A website offers a place for people to buy and sell emeralds, but information about emeralds can be...

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