Text Problem 24-6 Question Help * Currently, a monopolist's profit-maximizing output is 400 units per week It sells its output at a price of $55 per unit and collects $30 per unit in revenues from the sale of the last unit produced each week. The firm's total costs each week are $8.000. Given this information, the firm's maximized weekdy economic profits are s Enter your response as a whole number)
Text Problem 24-6 Question Help * Currently, a monopolist's profit-maximizing output is 400 units per week It sells its output at a price of $55 per unit and collects $30 per unit in revenues from the sale of the last unit produced each week. The firm's total costs each week are $8.000. Given this information, the firm's maximized weekdy economic profits are s Enter your response as a whole number)
Chapter1: Making Economics Decisions
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![Text Problem 24-6
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Currently, a monopolist's profit-maximizing output is 400 units per week. It sells its output at a price of $55 per unit and collects $30 per unit in revenues from the
sale of the last unit produced each week. The firm's total costs each week are
$8,000.
Given this information, the firm's maximized weekly economic profits are $. (Enter your response as a whole number.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1908dd21-cc72-4760-9c90-35855c870384%2F3f3fc20d-d3cd-4ac7-9e25-a40a2e74b896%2Ft5y6zq3_processed.png&w=3840&q=75)
Transcribed Image Text:Text Problem 24-6
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Currently, a monopolist's profit-maximizing output is 400 units per week. It sells its output at a price of $55 per unit and collects $30 per unit in revenues from the
sale of the last unit produced each week. The firm's total costs each week are
$8,000.
Given this information, the firm's maximized weekly economic profits are $. (Enter your response as a whole number.)
Expert Solution
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Step 1
The firm's profit is equal to total revenue minus total cost.
Total revenue is the price multiplied by the profit-maximizing quantity.
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