Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $80 per unit. The firm has total costs of $6,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last unit produced each week. Instructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? 24 b. What is the firm's marginal cost? 24 c. What is the firm's average total cost? 24

Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $80 per unit. The firm has total costs of $6,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last unit produced each week. Instructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? 24 b. What is the firm's marginal cost? 24 c. What is the firm's average total cost? 24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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B MH Connect - Chapter 12 Hom X
O Connect
y! Suppose a monopolist's profit X
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Chapter 12 Homework i
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Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $80 per unit. The
firm has total costs of $6,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last
unit produced each week.
Instructions: Enter your answers as a whole number.
a. What are the firm's weekly economic profits?
$
b. What is the firm's marginal cost?
%24
c. What is the firm's average total cost?
2$

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