Table 15-21 Tommy'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 Quantity Produced 0 1 2 3 4 5 6 7 8 Total Cost $100 $140 $184 $230 $280 $335 $395 $475 $575 Marginal Cost ← Quantity Demanded 0 1 2 3 4 5 6 7 8 Price $170 $160 $150 $140 $130 $120 $110 $100 $95 Total Revenue Marginal Revenue Refer to Table 15-21. If the monopolist can engage in perfect price discrimination, what is the marginal revenue from selling the 5th tie? O a. $80 O b. $100 OC. $120 O d. $110

Table 15-21 Tommy'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 Quantity Produced 0 1 2 3 4 5 6 7 8 Total Cost $100 $140 $184 $230 $280 $335 $395 $475 $575 Marginal Cost ← Quantity Demanded 0 1 2 3 4 5 6 7 8 Price $170 $160 $150 $140 $130 $120 $110 $100 $95 Total Revenue Marginal Revenue Refer to Table 15-21. If the monopolist can engage in perfect price discrimination, what is the marginal revenue from selling the 5th tie? O a. $80 O b. $100 OC. $120 O d. $110

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Table 15-21 Tommy’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 Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 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 16. Refer to Table 15-21. If the monopolist can engage in perfect price discrimination, what is the total revenue when 3 ties are sold?
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