Price Quantity Fixed Cost Variable Cost $20 0 $10 $0 $18 1 $10 $5 $16 2 $10 $8 $14 3 $10 $18 $12 4 $10 $30 $10 5 $10 $44 1) At Q=2, the marginal cost of this firm is $ ____ 2)The profit made by this profit-maximizing firm is $ __
Price Quantity Fixed Cost Variable Cost $20 0 $10 $0 $18 1 $10 $5 $16 2 $10 $8 $14 3 $10 $18 $12 4 $10 $30 $10 5 $10 $44 1) At Q=2, the marginal cost of this firm is $ ____ 2)The profit made by this profit-maximizing firm is $ __
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Refer to the accompanying table, which represents the costs and production for a monopolist.
| Price | Quantity | Fixed Cost | Variable Cost |
| $20 | 0 | $10 | $0 |
| $18 | 1 | $10 | $5 |
| $16 | 2 | $10 | $8 |
| $14 | 3 | $10 | $18 |
| $12 | 4 | $10 | $30 |
| $10 | 5 | $10 | $44 |
1) At Q=2, the marginal cost of this firm is $ ____
2)The profit made by this profit-maximizing firm is $ __
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