In the table below are the demand and cost data for ECON Drugs, a pure monopolist. Complete the table and columns for total revenue, marginal revenue, and marginal cost. What are the answers to these three questions: (a) At what production output will Econ Drugs produce? (b) What price will ECON Drugs charge? (c) What total profit will the Econ Drugs receive at the profit-maximizing level of output? Quantity Price Total revenue Marginal revenue Total cost Marginal cost 0 $34 $_____ $ 20 1 32 _____ $_____ 36 $_____ 2 30 _____ _____ 46 _____ 3 28 _____ _____ 50 _____ 4 26 _____ _____ 54 _____ 5 24 _____ _____ 56 _____ 6 22 _____ _____ 64 _____ 7 20 _____ _____ 80 _____ 8 18 _____ _____ 100 _____ 9 16 _____ _____ 128 _____ 10 14 _____ _____ 160 ___
1-In the table below are the demand and cost data for ECON Drugs, a pure monopolist. Complete the table and columns for total revenue, marginal revenue, and marginal cost. What are the answers to these three questions: (a) At what production output will Econ Drugs produce? (b) What price will ECON Drugs charge? (c) What total profit will the Econ Drugs receive at the profit-maximizing level of output?
|
Quantity |
Price |
Total revenue |
Marginal revenue |
Total cost |
Marginal cost |
|
0 |
$34 |
$_____ |
|
$ 20 |
|
|
1 |
32 |
_____ |
$_____ |
36 |
$_____ |
|
2 |
30 |
_____ |
_____ |
46 |
_____ |
|
3 |
28 |
_____ |
_____ |
50 |
_____ |
|
4 |
26 |
_____ |
_____ |
54 |
_____ |
|
5 |
24 |
_____ |
_____ |
56 |
_____ |
|
6 |
22 |
_____ |
_____ |
64 |
_____ |
|
7 |
20 |
_____ |
_____ |
80 |
_____ |
|
8 |
18 |
_____ |
_____ |
100 |
_____ |
|
9 |
16 |
_____ |
_____ |
128 |
_____ |
|
10 |
14 |
_____ |
_____ |
160 |
___ |
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