PRICE OR COST (per pound) $14 13 12 11 10 9 8 7 6 543 2 1 0 MC=MR Marginal cost D 1 2 3 Average total cost MC P Monopoly produces less and charges more. Marginal revenue 4 5 6 7 QUANTITY (pounds of fish per hour) Demand The information diagram above shows a nondiscriminating monopolist's demand, marginal revenue and costs. What is the monopolist's economic profit? Please do not input the $ sign in the answer box. If your answer is $200, please input 200 for your answer.

PRICE OR COST (per pound) $14 13 12 11 10 9 8 7 6 543 2 1 0 MC=MR Marginal cost D 1 2 3 Average total cost MC P Monopoly produces less and charges more. Marginal revenue 4 5 6 7 QUANTITY (pounds of fish per hour) Demand The information diagram above shows a nondiscriminating monopolist's demand, marginal revenue and costs. What is the monopolist's economic profit? Please do not input the $ sign in the answer box. If your answer is $200, please input 200 for your answer.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 32P: Draw the demand curve, marginal revenue, and marginal cost curves from Figure 9.6, and identify the...

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Similar questions

How does the demand curve perceived by a monopolist compare with the market demand curve?
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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?
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How does the quantity produced and price charged by a monopolist compare to that of a perfectly competitive film?
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