monopoly faces a demand curve: D(p)=200-p. MC-10, FC= 100. Calculate the profit- maximaizing quantity and answer the following questions: P= CS= PS= TR= Marginal revenue function: MR= Inverse demand function: P= profit= TC= SW(Social welfare)= Optimal quantity: Q= Find the values for the above quantities using the following set of options: 9900 100 1900 90 4050 20 200-Q 110 200-20 8000 8100 12150 180
monopoly faces a demand curve: D(p)=200-p. MC-10, FC= 100. Calculate the profit- maximaizing quantity and answer the following questions: P= CS= PS= TR= Marginal revenue function: MR= Inverse demand function: P= profit= TC= SW(Social welfare)= Optimal quantity: Q= Find the values for the above quantities using the following set of options: 9900 100 1900 90 4050 20 200-Q 110 200-20 8000 8100 12150 180
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Question
a)
P=
CS=
PS=
TR=
Marginal revenue function: MR=
Inverse demand function: P=
profit=
TC=
SW(Social welfare)=
Optimal quantity: Q=
Find the values for the above quantities using the following set of options:
9900
100
1900
90
4050
20
200-Q
110
200-20
8000
8100
12150
180
b) The average cost function of a competitive firm is AC= 3/Q+ 2+ 3*Q The optimal quantity is: 2 How much is the profit?
c) The
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps with 9 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education