Output (Q) Total Total Price Revenue Cost $20.00 $2.50 $15.00 $5.00 $10.00 $7.50 - 4 $5.00 $10.00 The table above shows demand and cost information for a firm that has market power and can set its price. If the firm can only charge one price to all its customers (it cannot price discriminate), it's profit maximizing Output (Q) is: Select one: O a. 3 O b. 4 O C. O d. 2

Output (Q) Total Total Price Revenue Cost $20.00 $2.50 $15.00 $5.00 $10.00 $7.50 - 4 $5.00 $10.00 The table above shows demand and cost information for a firm that has market power and can set its price. If the firm can only charge one price to all its customers (it cannot price discriminate), it's profit maximizing Output (Q) is: Select one: O a. 3 O b. 4 O C. O d. 2

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 32CTQ: How does fixed cost affect marginal cost? Why is this relationship important?

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

Q38 and Q39

Output
(0)
Total
Total
Price
Revenue
Cost
$20.00
$2.50
2.
$15.00
$5.00
3.
$10.00
$7.50
4.
$5.00
$10.00
The table above shows demand and cost information for a firm that has market power and can set its price. If the firm
can only charge one price to all its customers (it cannot price discriminate), it's profit maximizing Output (Q) is:
Select one:
Oa.
3.
O b. 4
O c.
1
O d. 2

Average
Total
Total
Total
Average
Variable
Total
Variable
Marginal
Output
(Q)
Fixed
Cost
Cost
Cost
Cost
Cost
Cost
150
$500
$400
$900
$2.67
200
$500
$800
$1,300
$6.50
The table above shows costs for
firm. When Q = 200, Av
Variable Cost (AVC) is equal to:
Select one:
O a. $2.50
O b. $4.00
O c. $6.50
O d. $800

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How does fixed cost affect marginal cost? Why is this relationship important?