a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a straight line.) Leave no cells blank - be certain to enter "0" wherever required. Quantity per Period 1 2 3 5 6 7 8 9 10 Price 1 $32 MR IS 28 20 $ TR 120 MR MC $8 7 6 5 6 7 8 9 10 12 TC $72 80 87 93 98 104 111 119 128 138 150 b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: Price: $ Total (Click to select) c. At what output will total revenue be maximized, and what will be the value of total revenue? Output (units): [ Total revenue: $ d. What is the value of MR when profits are maximized and when total revenue is maximized? MR IS $ when profits are maximized. when total revenue is maximized.

a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a straight line.) Leave no cells blank - be certain to enter "0" wherever required. Quantity per Period 1 2 3 5 6 7 8 9 10 Price 1 $32 MR IS 28 20 $ TR 120 MR MC $8 7 6 5 6 7 8 9 10 12 TC $72 80 87 93 98 104 111 119 128 138 150 b. What are the values of the profit-maximizing output, price, and total profit or loss? Output: Price: $ Total (Click to select) c. At what output will total revenue be maximized, and what will be the value of total revenue? Output (units): [ Total revenue: $ d. What is the value of MR when profits are maximized and when total revenue is maximized? MR IS $ when profits are maximized. when total revenue is maximized.

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

Please solve all step

a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve is a
straight line.)
Leave no cells blank - be certain to enter "0" wherever required.
Quantity
per Period
0
1
2
3
4
5
6
7
8
9
10
Price: $
Price
/
$32
Total (Click to select)
Output (units):
28
MR IS
20
$
TR
$
}
120
$
MR
MC
}
$8
7
6
5
6
b. What are the values of the profit-maximizing output, price, and total profit or loss?
Output:
7
8
9
10
12
TC
$72
87
93
98
104
111
119
128
138
150
c. At what output will total revenue be maximized, and what will be the value of total revenue?
Total revenue: $
d. What is the value of MR when profits are maximized and when total revenue is maximized?
MR IS $
when profits are maximized.
when total revenue is maximized.

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