A. Johnny (a monopolist) has just finished recording his latest CD. His record company's marketing department determines that the demand for the CD is as follows: Price $24 Number of CDs Total Revenue Marginal Revenue Total Cost Marginal Cost 1000 22 2000 20 3000 18 4000 16 5000 14 6000 The company can produce the CD with no fixed cost and a variable cost of $5 per CD. a. Complete the table by calculating total revenue, marginal revenue, total cost and marginal cost for the quantity of output produce.

A. Johnny (a monopolist) has just finished recording his latest CD. His record company's marketing department determines that the demand for the CD is as follows: Price $24 Number of CDs Total Revenue Marginal Revenue Total Cost Marginal Cost 1000 22 2000 20 3000 18 4000 16 5000 14 6000 The company can produce the CD with no fixed cost and a variable cost of $5 per CD. a. Complete the table by calculating total revenue, marginal revenue, total cost and marginal cost for the quantity of output produce.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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