Consider the following information for a monopoly: Q 3 4 5 6 7 8 R100 P R200 R180 R160 R140 R120 Suppose that the marginal cost of the fifth unit of output produced is R100. At this level of output, we can say: (1) Marginal Revenue of the fifth unit is R80. producer surplus is maximized. (ii) (iii) elasticity of demand is greater than 1. (iv) the monopoly can increase profits by decreasing quantity and increasing price. A. Only (i), (iii) and (iv) are correct. OB. Only (i) and (iv) are correct. C. Only (ii) and (iii) are correct. OD. Only (i) and (ii) are correct. F. Only (iii) is correct

Consider the following information for a monopoly: Q 3 4 5 6 7 8 R100 P R200 R180 R160 R140 R120 Suppose that the marginal cost of the fifth unit of output produced is R100. At this level of output, we can say: (1) Marginal Revenue of the fifth unit is R80. producer surplus is maximized. (ii) (iii) elasticity of demand is greater than 1. (iv) the monopoly can increase profits by decreasing quantity and increasing price. A. Only (i), (iii) and (iv) are correct. OB. Only (i) and (iv) are correct. C. Only (ii) and (iii) are correct. OD. Only (i) and (ii) are correct. F. Only (iii) is correct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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