Suppose a cable company provides cable service to a small town. The total revenue, marginal revenue, total cost, and marginal cost of providing various quantities of cable subscriptions (units in thousands per month) are presented in the table below. Quantity 0 1 T 2 3 Price 50 47 44 41 38 35 32 Total Revenue $0 47 88 123 152 175 102 Marginal Revenue 47 41 36 29 23 17 Total Cost 0 60 90 110 140 220 320 Marginal Cost 60 30 20 30 80 100 Assume the local cable company is a monopoly. To maximize profits, the monopoly should produce (thousand) units. (Enter a numeric response using an integer) At that level of output, the cable company will eam economic profits of $(thousand per month)
Suppose a cable company provides cable service to a small town. The total revenue, marginal revenue, total cost, and marginal cost of providing various quantities of cable subscriptions (units in thousands per month) are presented in the table below. Quantity 0 1 T 2 3 Price 50 47 44 41 38 35 32 Total Revenue $0 47 88 123 152 175 102 Marginal Revenue 47 41 36 29 23 17 Total Cost 0 60 90 110 140 220 320 Marginal Cost 60 30 20 30 80 100 Assume the local cable company is a monopoly. To maximize profits, the monopoly should produce (thousand) units. (Enter a numeric response using an integer) At that level of output, the cable company will eam economic profits of $(thousand per month)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose a cable company provides cable service to a small town. The total revenue, marginal revenue, total cost, and marginal cost of providing various quantities of cable subscriptions (units in
thousands per month) are presented in the table below.
Quantity
0
1
2
3
4
5
Price
50
47
44
41
38
35
32
Total Revenue
$0
47
88
123
152
175
192
Marginal Revenue
47
41
36
29
23
17
Total Cost
0
60
90
110
140
220
320
Marginal Cost
60
30
20
30
80
100
Assume the local cable company is a monopoly. To maximize profits, the monopoly should produce (thousand) units. (Enter a numeric response using an integer)
At that level of output, the cable company will eam economic profits of $(thousand per month)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81e87c4e-7525-4ca2-8bee-4a6b43b4b098%2F20f25ff8-7664-4a56-8ced-fac28dc000e5%2Fz3w4a89_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose a cable company provides cable service to a small town. The total revenue, marginal revenue, total cost, and marginal cost of providing various quantities of cable subscriptions (units in
thousands per month) are presented in the table below.
Quantity
0
1
2
3
4
5
Price
50
47
44
41
38
35
32
Total Revenue
$0
47
88
123
152
175
192
Marginal Revenue
47
41
36
29
23
17
Total Cost
0
60
90
110
140
220
320
Marginal Cost
60
30
20
30
80
100
Assume the local cable company is a monopoly. To maximize profits, the monopoly should produce (thousand) units. (Enter a numeric response using an integer)
At that level of output, the cable company will eam economic profits of $(thousand per month)
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