Please answer in the following sequence Q2 (screen shot), then table below, and Q2b (screenshot).Price (Dollars per can)Quantity Demanded (Cans)Total Revenue ($)Total Cost ($)Profit (4)2.50????3.00???? Suppose that a technological innovation decreases BYOB's costs so that it now faces the marginal cost (MC) and average total cost (ATC) given on thefollowing graph. Specifically, the technological innovation causes a decrease in average fixed costs, thereby lowering the ATC curve and moving the MCcurve.Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit,use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purplerectangle (diamond symbols) to shade in the area representing the loss.4.003.50Monopoly Outcome3.002.50Profit2.00ATCLoss1.501.000.50MCDMR0.51.01.52.02.53.03.54.0QUANTITY (Thousands of cans of beer)PRICE (Dollars per unit) Aplia Test (Ch 14)2. Profit maximization and loss minimizationBYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is,it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average totalcost (ATC), and demand (D) for beer in this market.Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. IF BYOB is making a profit, use thegreen rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle(diamond symbols) to shade in the area representing its loss.4.003.50Monopoly Outcome3.002.50ProfitATC2.00Loss1.501.00MC0.50DMR0.51.01.52.02.53.03.54.0QUANTITY (Thousands of cans of beer)PRICE (Dollars per can)

The profit maximizing firm produces and sell output at the point where the marginal revenue is equal…

BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average total cost (ATC), and demand (D) for beer in this market. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing its loss.

BYOB is a monopolist in beer production and distribution in the imaginary economy of Hopsville. Suppose that BYOB cannot price discriminate; that is, it sells its beer at the same price per can to all customers. The following graph shows the marginal cost (MC), marginal revenue (MR), average total cost (ATC), and demand (D) for beer in this market. Place the black point (plus symbol) on the graph to indicate the profit-maximizing price and quantity for BYOB. If BYOB is making a profit, use the green rectangle (triangle symbols) to shade in the area representing its profit. On the other hand, if BYOB is suffering a loss, use the purple rectangle (diamond symbols) to shade in the area representing its loss.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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