Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 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 inthousands per month) are presented in the table below.Quantity012345Price50474441383532Total Revenue$04788123152175192Marginal Revenue474136292317Total Cost06090110140220320Marginal Cost6030203080100Assume 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)

A monopoly is a single-seller market. In such a market, a firm acts as a price maker. It maximises its profit by producing that quantity where MC= MR and sets the price which is indicated by its demand curve. A monopoly firm produces a unique product, hence there exist barriers to the entry of new firms.(1) Under a monopoly, profit maximising quantity will be the point where MC=MR, here from the given table, it is observed that MC= MR (approximately) at quantity 4.Thus, to maximise profit, the monopoly should produce 4 thousand units.(2) At this level of output, calculate the profit by using a simple formula:(1) 4 thousand units(2) $12 thousand per month

Business

Economics

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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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