I need help figuring out the answers for part b & c? Isn't the profit maximizing price when MC=MR? How do I find the monoplist's profit? Suppose a pure monopolist faces the following cost data, as shown by the table on the left, and the demand schedule, as shown onthe right.a. Calculate the missing TR and MR amounts.Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include anegative sign (-) in front of those numbers.Production and CostsDemandTotalProductAverageFixed CostAverageVariableCostAverageTotal CostMarginalCostQuantityDemandedTotalRevenueMarginalRevenuePrice$115$0.001$60.00$45.00$105.00$451001$100.00$100.0030.0042.5072.50408322$166.00$66.00320.0040.0060.0035713$213.00$47.00415.0037.5052.5030634$252.00$39.00512.0037.0049.003555$275.00$23.0010.0037.5047.5040486.$288.00$13.0078.5738.5747.1445427$294.00$6.0087.5040.6348.1355378$296.00$2.006.6743.3350.0065339$297.00$1.00106.0046.5052.50752910$290.00$-7.00Instructions: Enter your answers as a whole number.b. What is the profit-maximizing price for this monopolist?2$63What is the profit-maximizing output?4 unitsc. What is the monopolist's profit?$42

A monopoly is an imperfect market structure with a sole producer of the good. There are strong…

Answered: b. What is the profit-maximizing price…

b. What is the profit-maximizing price for this monopolist? 63 What is the profit-maximizing output? |units c. What is the monopolist's profit? $ 42 %24

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

I need help figuring out the answers for part b & c? Isn't the profit maximizing price when MC=MR? How do I find the monoplist's profit?

Suppose a pure monopolist faces the following cost data, as shown by the table on the left, and the demand schedule, as shown on
the right.
a. Calculate the missing TR and MR amounts.
Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a
negative sign (-) in front of those numbers.
Production and Costs
Demand
Total
Product
Average
Fixed Cost
Average
Variable
Cost
Average
Total Cost
Marginal
Cost
Quantity
Demanded
Total
Revenue
Marginal
Revenue
Price
$115
$
0.00
1
$60.00
$45.00
$105.00
$45
100
1
$
100.00
$
100.00
30.00
42.50
72.50
40
83
2
2$
166.00
$
66.00
3
20.00
40.00
60.00
35
71
3
$
213.00
$
47.00
4
15.00
37.50
52.50
30
63
4
$
252.00
$
39.00
5
12.00
37.00
49.00
35
55
$
275.00
$
23.00
10.00
37.50
47.50
40
48
6.
$
288.00
$
13.00
7
8.57
38.57
47.14
45
42
7
$
294.00
$
6.00
8
7.50
40.63
48.13
55
37
8
$
296.00
$
2.00
6.67
43.33
50.00
65
33
9
$
297.00
$
1.00
10
6.00
46.50
52.50
75
29
10
$
290.00
$
-7.00
Instructions: Enter your answers as a whole number.
b. What is the profit-maximizing price for this monopolist?
2$
63
What is the profit-maximizing output?
4 units
c. What is the monopolist's profit?
$
42

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