Marginal cost Isoprofit curve 1 Isoprofi't curve 2 Isoprofi't curve 3 The diagram below shows the firm's demand curve, marginal costs, and isoprofit curves. Price, MC ($) 20 2222 16 12 12 20 20 Demand curve 70 110 150 190 250 Quantity The firm's profit-maximising price is $16 its level of output is 70 isoprofit curve 3 (3 marks -1 mark each) The consumer surplus at the profit-maximising quantity is and its optimal isoprofit line is the triangle area below demand and above price with the height of $22-$16 and the base of 70 mark) A reduction in competition for this firm will (1 (1 mark)

Marginal cost Isoprofit curve 1 Isoprofi't curve 2 Isoprofi't curve 3 The diagram below shows the firm's demand curve, marginal costs, and isoprofit curves. Price, MC ($) 20 2222 16 12 12 20 20 Demand curve 70 110 150 190 250 Quantity The firm's profit-maximising price is $16 its level of output is 70 isoprofit curve 3 (3 marks -1 mark each) The consumer surplus at the profit-maximising quantity is and its optimal isoprofit line is the triangle area below demand and above price with the height of $22-$16 and the base of 70 mark) A reduction in competition for this firm will (1 (1 mark)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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