Quantity Product of Output Total Cost Price 0 $250 $300 1 260 250 2 290 200 3 350 150 4 480 100 5 700 50 Based on the accompanying table, this nondiscriminating pure monopolist should set its price at

Quantity Product of Output Total Cost Price 0 $250 $300 1 260 250 2 290 200 3 350 150 4 480 100 5 700 50 Based on the accompanying table, this nondiscriminating pure monopolist should set its price at

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Quantity
Product
of Output Total Cost
Price
0
$250
$300
1
260
250
2
290
200
3
350
150
4
480
100
5
700
50
Based on the accompanying table, this nondiscriminating pure monopolist should set its price at
Multiple Choice
$50.
$100.

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Monopoly Market MC - Marginal Cost MR - Marginal Revenue D - Demand ATC - Average Total Cost Refer to the figure above. If this monopolist is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's profit will be: $5 $20 $40 $60 2.5 points
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Demand and Cost facing Monopolist Total Total Marginal Marginal Total Price Quantity Variable Profit Revenue Revenue Cost Cost Cost $10 10 $30 $9 20 $50 $8 30 $60 $7 40 $80 $6 50 $110 $5 60 $150 $4 70 $210 $3 80 $290 $2 90 $390
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The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price (dollars) Quantity Demanded $85 79 73 67 61 55 50 150 250 350 450 550 Marginal Revenue (dollars) $85 76 64 1. 250; -$3,625 2. 250; $3,625 3. 350; -$3,625 4. 350; $4625 52 40 28 Marginal Cost (dollars) $25 85 64 61 67 77 Average Total Cost (dol $139.00 103.30 87.50 80.00 77.00 77.00 The monopolist's profit-maximizing level of output is...................its and the monopolist's profit at the profit maximizing output is....
Dreher's Designer Shirt Company, a monopolist, has the following cost and revenue information. What is the marginal revenue from selling the 5th shirt? COSTS Quantity Produced ($) 1 2 3 4 5 6 7 8 $120 Total Cost Marginal $110 100 140 184 230 280 335 395 475 575 Cost REVENUES Quantity Demanded ($) 0 1 2 3 4 5 6 7 8 Price 170 160 150 140 130 120 110 100 95 Total Revenue Marginal Revenue