Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $50 per unit. The irm has total costs of $7,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the las unit produced each week. nstructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? $4 p. What is the firm's marginal cost? c. What is the firm's average total cost?

Suppose a monopolist's profit-maximizing output is 500 units per week and that the firm sells its output at a price of $50 per unit. The irm has total costs of $7,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the las unit produced each week. nstructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? $4 p. What is the firm's marginal cost? c. What is the firm's average total cost?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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