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)

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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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.)
Transcribed Image Text: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 weekly economic profits are $. (Enter your response as a whole number.)
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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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