Consider a monopolist with the following demand curve. Price: 24, 22 , 20, 18, 16, 14, 12, 10, 8, 6 Quantity Demanded: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 [All answers are integers with no units.] 1.If this firm has a marginal cost of $12 per unit, how many will they produce? 2.What will their profit be? 3.What will consumer surplus be? (Rectangle method!) 4.What is the efficient quantity?
Consider a monopolist with the following demand curve. Price: 24, 22 , 20, 18, 16, 14, 12, 10, 8, 6 Quantity Demanded: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 [All answers are integers with no units.] 1.If this firm has a marginal cost of $12 per unit, how many will they produce? 2.What will their profit be? 3.What will consumer surplus be? (Rectangle method!) 4.What is the efficient quantity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Consider a monopolist with the following demand curve.
Price: 24, 22 , 20, 18, 16, 14, 12, 10, 8, 6
Quantity Demanded: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10
[All answers are integers with no units.]
1.If this firm has a marginal cost of $12 per unit, how many will they produce?
2.What will their profit be?
3.What will
4.What is the efficient quantity?
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