(Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans Saints have a monopoly on Saints hats, and we know that the Saints must charge the same price for every hat sold. The marginal revenue of the fourth unit is: A) $24. OB) $16. C) $22. D) -$2.

(Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans Saints have a monopoly on Saints hats, and we know that the Saints must charge the same price for every hat sold. The marginal revenue of the fourth unit is: A) $24. OB) $16. C) $22. D) -$2.

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Reference: Ref 13-12
(Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans
Saints have a monopoly on Saints hats, and we know that the Saints must charge the
same price for every hat sold. The marginal revenue of the fourth unit is:
A) $24.
B) $16.
C) $22.
20
18
16
14
D) -$2.
Question 26 (Mandatory) (1 point)

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Question 4
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|Price Demanded Revenue Revenue Marginal Cost Cost $24 1000 $24,000 ** $15,000 ** ** ** $22 1250 $27,500 $14 $17,000 $8 $20 1500 $10 $19,500 $10 $18 1750 $31,500 Y $23,000 $14 $16 2000 $32,000 $2 $27,000 Z (a) Calculate total revenue at X. (b) Calculate marginal revenue at Y. (c) Calculate marginal cost at Z. (d) Find the profit maximizing price. (e) Find the profit maximizing quantity. (f) Find the profit the firm will earn.
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Please do not answer question in image but draw supply and demand graph. Please include all relevant details like the axes labels. equilibrium price:market equilibrium quantity:Calculate CS under competition:Calculate PS under competition:Calculate TS under competition: