Do not use chatgpt Table 15-13The following table gives information on the price, quantity, and total cost of production for amonopolist.PriceOutputTotal Costs$50$3$45$8$310$20$215$33$120$53$025$78Refer to Table 15-13. How much profit will the firm earn at the profit-maximizing price?Group of answer choices$9$18$12$15

Step 1:To find the profit-maximizing price and quantity, we need to calculate marginal revenue (MR)…

Answered: Table 15-13 The following table gives…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 1PA

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$/q 16 14 12 10 OB642 8 0 1250 500 250 MC 750 ATC In the above figure, the monopolistic competitor's profit-maximizing total cost is D MR 50 100 150 200 250 g/t
Refer to the graph shown of a profit-maximizing monopolist: $100 $90 MC $80 $70 $60 $50 Price, cost, revenue D 7000 14000 21000 12000 Question: What is the monopolist's economic profit(loss) at the profit-maximizing level of output? O-$280,000 O $0 $140,000 $840,000 O -$140,000 0 /AC MR
4. A monopolist is faced with the following cost and revenue curves: $ 80 70 60 50 40 30 20 10 0 -10 0 -20 100 200 300 400 FMC 500 AC AR 600 MR Quantity (a) What is the maximum-profit output?. (b) What is the maximum-profit price? (c) What is the total revenue at this price and output? (d) What is the total cost at this price and output? (e) What is the level of profit at this price and output? (f) If the monopolist were ordered to produce 300 units, what would be the market price? (g) How much profit would now be made? (h) If the monopolist were faced with the same demand, but average costs were constant $60 per unit, what output would maximise profit? (i) What would be the price now? (j) How much profit would now be made? (k) Assume now that the monopolist decides not to maximise profits, but instead sets a price of $40. How much will now be sold?.
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GRAPH Show Deadweight Loss off Show Economic Profit/Loss ($) Price, Average/Marginal Cost Regular Monopoly Natural Monopoly Off SETTINGS 225 200 175 MC 150 125 100 75 50 25 ATC AVC MR D 0 20 40 60 80 100 120 140 160 180 Quantity (units per month) Reset PROFIT CALCULATIONS Cost Structure Low Cost abcdefghijklmno Quantity 40 Quantity 60 Market Price (Pmkt) $125.00 High Cost Marginal Revenue (MR) $50.00 Marginal Cost (MC) $55.00 Revenue $7,500.00 120 Costs $5,066.67 Profit $2,433.33 nstructions: Make sure the interactive is set to "Regular Monopoly" on the upper right side of the Graph section. When "Regular Monopoly" is selected, it will have a dark blue background. a. Describe how the cost curves change when you move the "cost structure" slider from low to high. All of the cost curves shift up. b. Describe the two points on the graph that move as you adjust the Quantity slider. The point where MC intersects MR. The point on the D curve for the chosen quantity. The point where MC…
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Table 15-18Tommy’s Tie Company, a monopolist, has the following cost and revenue information. Assume that Tommy’s is able to engage in perfect price discrimination. COSTS REVENUES QuantityProduced Total Cost MarginalCost QuantityDemanded Price TotalRevenue MarginalRevenue 0 $100 -- 0 $170 -- 1 $140 1 $160 2 $184 2 $150 3 $230 3 $140 4 $280 4 $130 5 $335 5 $120 6 $395 6 $110 7 $475 7 $100 8 $575 8 $95 Refer to Table 15-18. If the monopolist can engage in perfect price discrimination, what is the quantity that maximizes economic profit? Group of answer choices 5 ties 6 ties 7 ties 8 ties
Costs and Revenues (dollars per room) 200 180 160 140 120 ➜ 100 80 60 40- 0 5 10 Market for Monica's Hotel 15 20 25 30 35 Quantity (rooms) 40 D₂ MC ATC MR 45 50 Multiple Choice Question Use the graph of a monopolistically competitive firm above to answer the following question. What is the amount of profit or less Monica will make at the profit maximizing price and quantity? O Profit of $2000 O Profit of $0 O Loss of $2000
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6. Why might a monopolist advertise heavily for its product even though it isn't competing with any firm for market share?

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