Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below.Quantity, (Q) (tons)Price (P)Total Revenue (TR)Total Cost (TC)1$1,050$1,050$1,0502$970$1,940$7203$890$2,670$8704$810$3,240$1,1405$730$3,650$1,5506$650$3,900$2,0207$570$3,990$2,600Determine the firm's profit-maximizing price.

At $570,total revenue is greater than total cost.

Answered: Quantity, price, total revenue, and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below.

Quantity, (Q) (tons)	Price (P)	Total Revenue (TR)	Total Cost (TC)
1	$1,050	$1,050	$1,050
2	$970	$1,940	$720
3	$890	$2,670	$870
4	$810	$3,240	$1,140
5	$730	$3,650	$1,550
6	$650	$3,900	$2,020
7	$570	$3,990	$2,600

Determine the firm's profit-maximizing price.

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