$55 $50 $45 MC АТС $40 $35 $30 $25 $20 Demand = P $15 $10 $5 MR $0 40 80 120 160 200 240 Output (Q) The diagram above shows the Demand, MR, and cost curves for a monopolist in the short-run. At the profit maximizing Output (Q) level, the monopolist will earn a Total Profit of: Select one: a. $1,200 O b. $2,200 O c. $800 O d. $2,000 $$$

$55 $50 $45 MC АТС $40 $35 $30 $25 $20 Demand = P $15 $10 $5 MR $0 40 80 120 160 200 240 Output (Q) The diagram above shows the Demand, MR, and cost curves for a monopolist in the short-run. At the profit maximizing Output (Q) level, the monopolist will earn a Total Profit of: Select one: a. $1,200 O b. $2,200 O c. $800 O d. $2,000 $$$

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following graph of a monopoly market to answer this question: P $13 $10 150 300 Which of the following statements is an accurate interpretation of the graph? This firm engages in perfect price discrimination; 150 of its customers are willing to pay exactly $13, and 150 are willing to pay exactly $10. This firm price-discriminates by selling its product for $13 to the 150 consumers willing to pay at least $13, and selling it for $10 to the 150 consumers willing to pay between $10 and $13. This firm engages in price discrimination by negotiating on price with each of its customers. This firm price-discriminates by selling its product for $13 to the 150 consumers willing to pay at least $13, and selling it for $10 to the 300 consumers willing to pay between $10 and $13. This firm engages in perfect price discrimination; 150 of its customers are willing to pay exactly $13, and 300 are willing to pay exactly $10.
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5. Use the following figure to answer the question: If the monopolist charges the same price to all consumers, what will be the deadweight loss at the monopolist’s profit maximizing level of output?
Ruth’s Rubies is a single-price monopolist in the market for rubies. Suppose Ruth’s Rubies currently charges $200 for its rubies (i.e. sells 3 rubies). If it lowers the price to $100 (to sell 4 rubies), how large is: The quantity effect? The price effect? Price of a Ruby Quantity of Rubies Demanded Total Revenue Marginal Revenue $500 0 0 400 1 400 400 300 2 600 200 200 3 600 0 100 4 400 200 0 5 0 400
Don't provide handwritten solution... The figure below depicts the market demand curve a monopoly firm faces. If the monopoly firm successfully practices first-degree price discrimination, the firm's total revenue amounts to ________. $4,000 $10,000 $6,000 $5,000
. Profit maximization and loss minimization 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. Suppose that BYOB charges $2.50 per can. Your friend Clancy says that since BYOB is a monopoly with market power, it should charge a higher price of $3.00 per can because this will increase BYOB’s profit. Complete the…
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You are the manager of a monopolistically competitive firm. The demand curve of the firm is linear, and the marginal cost is a fixed constant. a. Graphically illustrate the profit-maximizing output and price set by the monopolistic firm. b. If the government set a tax of $t per unit sold, graphically illustrate how the output and price of the monopolist’s profit maximization will change? *Please show all work*
Which of the following statements about monopolies are correct? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question. OAt the profit maximizing output for a monopoly, P< MR. OMonopolies are always illegal in the U.S. O If a firm enjoys decreasing returns to scale, this may help it to become a monopoly. In a pure monopoly, the firm is the industry. O A patent can help a firm to become a monopoly.
Refer to the accompanying table, which represents the costs and production for a monopolist. Price Quantity Fixed Cost Variable Cost $20 0 $10 $0 $18 1 $10 $5 $16 2 $10 $8 $14 3 $10 $18 $12 4 $10 $30 $10 5 $10 $44 1) At Q=2, the marginal cost of this firm is $ ____ 2)The profit made by this profit-maximizing firm is $ __