Problem 11-11 (algo)A monopolist's price is $24. At this price the absolute value of the elasticity of demand is 3. What is the monopolist's marginal cost?Instructions: Round your answer to the nearest penny (2 decimal places).24Suppose you own a firm that produces widgets and is a monopoly. The market demand is given by the equation P= 100 – 2Q,where Pis the price of gadgets and Qis the quantity of gadgets sold per week. The firm's marginal costs are given by the equationMC = 16Q. When the monopolist maximizes profits the price elasticity of demand for widgets (rounded to two decimals) isMultiple Choice1.00.1.101.38.0.72.

Usually a monopolist operate in the elastic portion of the demand curve

Problem 11-11 (algo) A monopolist's price is $24. At this price the absolute value of the elasticity of demand is 3. What is the monopolist's marginal cost? Instructions: Round your answer to the nearest penny (2 decimal places).

Problem 11-11 (algo) A monopolist's price is $24. At this price the absolute value of the elasticity of demand is 3. What is the monopolist's marginal cost? Instructions: Round your answer to the nearest penny (2 decimal places).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Asked Dec 16, 2019 a monopolist finds the demand curve to be linear. with data points (q,p) on that line of being (100,125) and (20,165). How maqny items can he sell if the price is p=90? What price should she charge to maximize revenue?
economics
Refer to Figure. What is the monopoly price and quantity? 18034
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Suppose a monopolist faces a market demand curve given by P =50 -Q. Marginal cost is initially equal tozero and constant.a. Calculate the profit maximizing price and quantity. Use the Lerner index to calculate the price elasticity ofdemand at this point. What is the amount of deadweight loss associated with this monopoly?