front of those numbers. Leave no cells blank. Enter 0 if appropriate. MR (5) MC (5) P ($) 13 TR (5) e 1 2 3 4 5 6 7 8 9 10 12 units 11 10 9 8 7 6 5 3 b. What is the profit-maximizing level of output? c. What price will the monopolist charge to maximize profits? 5 5 5 5 5 5 5 5 5 be sure to includ

front of those numbers. Leave no cells blank. Enter 0 if appropriate. MR (5) MC (5) P ($) 13 TR (5) e 1 2 3 4 5 6 7 8 9 10 12 units 11 10 9 8 7 6 5 3 b. What is the profit-maximizing level of output? c. What price will the monopolist charge to maximize profits? 5 5 5 5 5 5 5 5 5 be sure to includ

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

nt
1
nces
a. Fill in the total revenue and marginal revenue columns.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers. Leave no cells blank. Enter 0 if appropriate.
1
LA
2
$
3
4
S
6
7
10
P ($)
13
units
12
11
10
9
8
7
6
5
4
b. What is the profit-maximizing level of output?
TR ($)
MR ($)
c. What price will the monopolist charge to maximize profits?
MC ($)
5
5
5
Un
5
5
5
5
5
monopolist producer.
5

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Due to barriers to entry, no firms can enter this industry: a b с Quantity 10 20 30 40 50 60 70 80 d Price $23 $20 $18 $16 $14 $12 $10 $8 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. True, if this is a monopoly True, if this is perfect competition Total Revenue None of the above $230 $400 $540 $640 $700 $720 $700 $640 True, if this is monopolistic competition Marginal Revenue $17 $14 $10 $6 $2 -$2 -$6 Total cost $340 $400 $480 $580 $700 $840 $1,020 $1,280 Marginal Cost $6 $8 $10 $12 $14 $18 $26 Average Cost $34 $20 $16 $14.50 $14 $14 $14.57 $16
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5 int ences $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 0 N MR units MC Quantity D 4 5 6 7 8 9 10 11 Tools DWL Instructions: In parts a and b, enter your answers as a whole number. In parts c-e, round your answers to two decimal places. a. What is the profit-maximizing level of output? b. What price will the monopolist charge to maximize profits? $ CS c. Determine the efficiency costs (deadweight loss) of monopoly output/pricing. Instructions: Use the tool provided 'DWL' to illustrate this area on the graph. Drag the points to move or resize. What is the efficiency cost (deadweight loss) of monopoly output/pricing? d. Determine the consumer surplus under monopoly output/pricing. Help Save & Exit Submit
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