Price and Cost Figure: Determining Monopolist Profit MC ATC D h Reference: Ref 9-2 MR d Output (Figure: Determining Monopolist Profit) In the graph, the profit-maximizing price is found at point: e. f. g. d.
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- Imagine that you ale managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10 less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the monopolists profit-maximizing output level. Now, think about a slightly higher level of output (sayQ0+1). According to the graph, is there any consumer willing to pay more than the marginal cost of that new level of output? If so, what does this mean?How can a monopolist identify the profit-maximizing level of output if it knows its total revenue and total cost curves?
- Figure: Determining Monopolist Profit Price and Cost 6 a MC ATC MR h Reference: Ref 9-2 d Output (Figure: Determining Monopolist Profit) In the graph, the profit-maximizing price is found at point: e. f. 9. 0518 0000The table shows the demand schedule of a monopolist. Calculate marginal revenue, and fill in the revenue column in the tabl Assume that output can only be sold in integer amounts (i.c.. I unit, 2 units, etc.). Once you have filled in the columns for marginal revenue, identify the quantity produced by the monopolist in this market. MR, MR3 Quantity Price Marginal Cust $13 $3 Marginal Revenue MR 2 $12 $4 MR 3 $11 $5 MR 4 $10 $6 MR. 5 $9 $7 MR5 6 $8 $8 MR6 MR2: MRPlease read the following article from The Atlantic on the proliferation of price discrimination for online shopping https://goo.gl/EGFynW A.) The article notes that we are moving toward a situation in which perfect price discrimination is no longer “only a classroom thought experiment.” Suppose perfect price discrimination were to become a reality. What would this imply as far as consumer surplus, producer surplus, and market surplus in the market for online retail? B.) The article references a study showing that by using big data online firms are able to boost profits. When firms engage in price discrimination and experience an increase in profits, does this imply that consumers are made worse off as a result? Explain. C.) Do you agree with the author’s belief that the proliferation of price discrimination “makes suckers of us all”? Explain. D.) Do you consider the increased price discrimination in recent years as a net positive or a net negative to society? Explain
- V10Macmillan Learning Consider the following table, which provides price, revenue, and cost information for a monopolist. Quantity Price (P) Total Marginal Total cost Marginal (Q) revenue revenue (TC) (TR) (MR) 0 68 40 1 64 72 2 60 92 3 56 100 4 52 108 5 48 112 6 44 128 7 40 160 8 36 200 9 32 256 10 28 320 The profit-maximizing price for the monopolist is $ OOOO 40 44 36 48 cost (MC)28 $55 $50 $45 MC АТС I of $40 $35 $30 $25 $20 Demand = P $15 $10 $5 $0 MR 40 80 120 160 200 240 Output (Q) The diagram above shows the Demand, MR, and cost curves for a monopolist in the short-run. At the profit maximizing Output (Q) level, the monopolist will earn a Total Profit of: Sel one: а. $1,200 b. $2,200 c. $800 d. $2,000 $$
- Refer to the graph shown of a profit-maximizing monopolist: $100 $90 MC $80 $70 $60 $50 Price, cost, revenue D 7000 14000 21000 12000 Question: What is the monopolist's economic profit(loss) at the profit-maximizing level of output? O-$280,000 O $0 $140,000 $840,000 O -$140,000 0 /AC MReconomicConsider the local telephone company, a natural monopoly. The following graph shows the demand curve for phone services, the company's marginal revenue curve (labeled MR), its marginal cost curve (labeled MC), and its average total cost curve (labeled AC). (Hint: Click a point on the graph to see its exact coordinates.) PRICE (Dollars per month) 160 140 120 100 80 60 40 20 0 0 1 MR 2 3 4 567 QUANTITY (Thousands of households per month) AC MC D 8 (?)