a. Complete the table below, which shows the costs and revenues of Solo the monopolist. (You may assume that the demand curve isa straight line.Leave no cells blank - be certain to enter "0" wherever required.Quantityper Period012345678910PricePrice: $$32 $2820TR120$$MRMCn$876567891012b. What are the values of the profit-maximizing output, price, and total profit or loss?Output:TC$74828995100106113121130140152Total profitc. At what output will total revenue be maximized, and what will be the value of total revenue?< PrevSearchB6 of 11wwwwwwSAMSUNGNext > 10Outputb. What are the values of the profit-maximizing output, price, and total profit or loss?Price: $1012✓ $130140152Total profitc. 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.MR iswhen total revenue is maximized.Search6 of 11SAMSUNGNext >

A firm maximizes profit at the point where MR = MC. Profit is total revenue minus total cost.

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 Ø 8 9 he Price $32 28 20 $ TR 120 $ MR MC M $8 7 6 5 6 7 8 9 19 12 TC $74 82 89 95 100 196 113 121 130 140

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 Ø 8 9 he Price $32 28 20 $ TR 120 $ MR MC M $8 7 6 5 6 7 8 9 19 12 TC $74 82 89 95 100 196 113 121 130 140

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph shown represents the cost and revenue curves faced by a monopoly 18 876543N-OOO7SSAMNI 17 16 15 14 S 13 12 11 10 9 2 1 MC ATC X MR %70%85% -% 90 A. II only B. I and III C. I only D. II and III only 100 110 Which of the following statements is true? . The monopolist's profit maximizing price is $12. 2. The monopolist's profit maximizing quantity is 100. . The monopolist will earn zero profits. 120 130 140 150 160 170 D Quantity
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Cost & Figure 15 Revenue $10 per unit MC $9 $8 АТС $7 $6 $5 $4 $3 $2 $1 MR 2 3 4 7 8 10 Quantity (in thousands) Refer to the above Figure 15 which shows cost curves, a marginal revenue (MR) curve and a demand curve faced by a monopolist. If this monopolist is profit maximizing and does not price discriminate, it will produce ( Select ] v units of output and charge a price of [ Select ] per unit. Given its cost curves, we can tell that this monopolist is currently earning [ Select ] economic profit. According to the classical welfare economics, the socially efficient quantity to be produced in this market would be [ Select ] units of output and a socially efficient price would be [Select ] per unit.
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5 int ences $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 0 N MR units MC Quantity D 4 5 6 7 8 9 10 11 Tools DWL Instructions: In parts a and b, enter your answers as a whole number. In parts c-e, round your answers to two decimal places. a. What is the profit-maximizing level of output? b. What price will the monopolist charge to maximize profits? $ CS c. Determine the efficiency costs (deadweight loss) of monopoly output/pricing. Instructions: Use the tool provided 'DWL' to illustrate this area on the graph. Drag the points to move or resize. What is the efficiency cost (deadweight loss) of monopoly output/pricing? d. Determine the consumer surplus under monopoly output/pricing. Help Save & Exit Submit
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2. As a monopolist, what quantity does DeBeers produce? What price do they charge? An ATC curve has been provided for DeBeers. These costs include marketing, mining exploration, and more.