Table 15-1 Quantity Price $35 Q = 4 Q = 5 Q=6 Q=7 11 2 17 8 9 $29 $23 $17 Total Revenue Average Revenue $35 $64 $120 $99 $32 $11 Marginal Revenue $29 $17 $11 -$1 -$7 -$13 Refer to Table 15-1. Assume this monopolist's marginal cost is constant at $17. What is the profit-maximizing quantity (Q) of output?

Table 15-1 Quantity Price $35 Q = 4 Q = 5 Q=6 Q=7 11 2 17 8 9 $29 $23 $17 Total Revenue Average Revenue $35 $64 $120 $99 $32 $11 Marginal Revenue $29 $17 $11 -$1 -$7 -$13 Refer to Table 15-1. Assume this monopolist's marginal cost is constant at $17. What is the profit-maximizing quantity (Q) of output?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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