a. Complete the following table: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Price Quantity demanded Total revenue Marginal revenue $27 0 $ 0 6 Answer is complete and correct. $26 $23 $20 $14 1 2 3 5 $26 $ 46 $ 60 $ 68 $70 $26 $ 20 $ 14✓ $ 8✔ $ 2 $ $17 b. At what rate of output does marginal revenue turn negative? 4 c. If marginal cost is constant at $8, what is the profit-maximizing rate of output? d. What price should this monopolist charge for that rate of output? $11 $9 6 7 $ 66 $ 63 $ -4✓ $ -3 $5 8 $ 40✔ $ -23✔
a. Complete the following table: Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Price Quantity demanded Total revenue Marginal revenue $27 0 $ 0 6 Answer is complete and correct. $26 $23 $20 $14 1 2 3 5 $26 $ 46 $ 60 $ 68 $70 $26 $ 20 $ 14✓ $ 8✔ $ 2 $ $17 b. At what rate of output does marginal revenue turn negative? 4 c. If marginal cost is constant at $8, what is the profit-maximizing rate of output? d. What price should this monopolist charge for that rate of output? $11 $9 6 7 $ 66 $ 63 $ -4✓ $ -3 $5 8 $ 40✔ $ -23✔
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![a. Complete the following table:
Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)
in front of those numbers.
Price
Quantity
demanded
Total revenue
Marginal revenue
$27
0
$ 0
6
Answer is complete and correct.
$26
$23
$20
$14
1
2
3
5
$26 $ 46 $ 60 $ 68 $70
$26 $ 20 $ 14✓ $ 8✔ $
2
$
$17
b. At what rate of output does marginal revenue turn negative?
4
c. If marginal cost is constant at $8, what is the profit-maximizing rate of output?
d. What price should this monopolist charge for that rate of output?
$11
$9
6
7
$ 66 $ 63
$ -4✓ $ -3
$5
8
$ 40✔
$ -23✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c535c42-8068-4478-935d-dad6372dbf95%2F4eaa87bf-ef88-40f1-a09d-d7e7a7531a9b%2Fp5h77dr_processed.png&w=3840&q=75)
Transcribed Image Text:a. Complete the following table:
Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)
in front of those numbers.
Price
Quantity
demanded
Total revenue
Marginal revenue
$27
0
$ 0
6
Answer is complete and correct.
$26
$23
$20
$14
1
2
3
5
$26 $ 46 $ 60 $ 68 $70
$26 $ 20 $ 14✓ $ 8✔ $
2
$
$17
b. At what rate of output does marginal revenue turn negative?
4
c. If marginal cost is constant at $8, what is the profit-maximizing rate of output?
d. What price should this monopolist charge for that rate of output?
$11
$9
6
7
$ 66 $ 63
$ -4✓ $ -3
$5
8
$ 40✔
$ -23✔
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