a. If the supply side of Carlandia's auto market has 10 b. If the supply side of Carlandia's auto market is served identical firms operating, what is the lowest potential price by a monopolist, what is the lowest potential price that that consumers might be able to purchase a car for? consumers might be able to purchase a car for? $30,000 $10,000 $40,000 $30,000 $20,000 $20,000 $10,000 $40,000

a. If the supply side of Carlandia's auto market has 10 b. If the supply side of Carlandia's auto market is served identical firms operating, what is the lowest potential price by a monopolist, what is the lowest potential price that that consumers might be able to purchase a car for? consumers might be able to purchase a car for? $30,000 $10,000 $40,000 $30,000 $20,000 $20,000 $10,000 $40,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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monopolist’s profit-maximizing output is 500 units per week and it sells its output at a price of $70 per unit. The firm’s total costs are $15,000 per week. The firm is maximizing its profit, and it earns $40 in extra revenue from the sale of the last unit produced each week. a. What are the firm's weekly economic profits?
a. At what output rate and price does the monopolist operate? b. In equilibrium, approximately what is the firm’s total cost and total revenue? c. What is the firm’s economic profit or loss in equilibrium?
2. A monopolist faces demand p = 10 - Q and has costs TC = 10 + 2q. a. Provide expressions for marginal revenue and marginal cost. b. Maximize the firm's profit to determine the equilibrium price, quantity, and profit. c. The monopolist faces the prospect of entry by competitor with the same cost function. If the firm enters, they will compete by choosing quantities. Does the monopolist need to worry about this entry threat? Explain. d. The government is considering a subsidy of 4 for all firms in this industry. Should the monopolist support or oppose this policy? Explain.
Q)Economics A market comprises two consumers groups: high-demand types and low-demand types. The high types have demand QH = 10 – P and low types have demand QL = 8 – P. If a monopolist has marginal cost MC = 1 + Q, what is the profit maximising price the monopolist would charge if they are not able to price discriminate? a. 5 b. 6 c. 4 d. 7
Figure 15-7 Price $20 15 10 ● 100 150 Figure 15-8 200 Marginal Cost Demand Quantity Refer to Figure 15-7. To maximize its profit, which outcome would a monopolist choose? Marginal Revenue a. 100 units of output and a price of $10 per unit * b. 100 units of output and a price of $20 per unit C. 150 units of output and a price of $15 per unit d. 200 units of output and a price of $10 per unit polist ?
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1. Refer to the figure below when the firm is a monopolist. Price P MC L K J ATC D T W Quaxtity \MR a) If the monopolist maximizes profit, how many units will it produce? b) What price will the monopolist charge? c) What area measure the monopolist's profit? d) What level of output would be socially efficient? 2. A Monopolist is facing a demand schedule that is shown in the following table. Quantity Total Revenue Average Revenue Marginal Revenue Price $35 $32 1 2 3 $29 14 $26 15 $23 $20 $17 $14 6 7 18 19 $11 10 $8 a) Fill out the rest of the table. b) Assume this monopolist's marginal cost is constant at $11. What quantity of output (Q) will it produce and what price (P) will it charge? ------
Figure monopolist, to answer questions a-c. a. indicate the profit maximizing price and output level and label them P 1 and Q 1. b. Shade in the area that represents the firm's economic profit (or loss). c. If this firm wished to discourage entry by other firms it could produce the output level at which it earns only a zero economic profit. Indicate the price and output level associated with a zero economic profit and label them P 2 and Q 2.
ces Problem 08-06 The diagram below shows the demand, marginal revenue, and marginal cost of a monopolist. 120 MC MR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quantity a. Determine the profit-maximizing output and price. Profit-maximizing output units Profit-maximizing price: $ b. What price and output would prevail if this firm's product was sold by price-taking firms in a perfectly competitive market? Price: $ Output: units c. Calculate the deadweight loss of this monopoly. Mc Graw Hill 110 100 90 80 70 60 50 40 30 20 10 19 BU C