Currently, a monopolist's profit-maximizing output is 500 units per week and it sells its output at a price of $80 per unit. The firm's total costs are $6,000 per week. The firm is maximizing its profit, and it earns $35 in extra revenue from the sale of the last unit produced each week. Instructions: Enter your answers as whole numbers. a. What are the firm's weekly economic profits? %24 b. What is the firm's marginal cost? c. What is the firm's average total cost? %24

Currently, a monopolist's profit-maximizing output is 500 units per week and it sells its output at a price of $80 per unit. The firm's total costs are $6,000 per week. The firm is maximizing its profit, and it earns $35 in extra revenue from the sale of the last unit produced each week. Instructions: Enter your answers as whole numbers. a. What are the firm's weekly economic profits? %24 b. What is the firm's marginal cost? c. What is the firm's average total cost? %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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