The figure at right shows the demand line, marginal revenue line, and cost curves for a single-price monopolist. Now suppose the monopolist is able to charge a different price on each different unit sold. 200 The profit-maximizing quantity for the monopolist is 400. (Round your response to the nearest whole number.) 180 160- MC The price charged for the last unit sold by this monopolist is s(450 (Round your 140 response to the nearest dollar) 2 120, ATC The monopolist's profit is $ 50. (Round your response to the nearest dollar) 100- 80 60- 40- 20- MR D- O 76 150 225 300 375 450 52s 600 675 750 Quantity

The figure at right shows the demand line, marginal revenue line, and cost curves for a single-price monopolist. Now suppose the monopolist is able to charge a different price on each different unit sold. 200 The profit-maximizing quantity for the monopolist is 400. (Round your response to the nearest whole number.) 180 160- MC The price charged for the last unit sold by this monopolist is s(450 (Round your 140 response to the nearest dollar) 2 120, ATC The monopolist's profit is $ 50. (Round your response to the nearest dollar) 100- 80 60- 40- 20- MR D- O 76 150 225 300 375 450 52s 600 675 750 Quantity

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 29CTQ: Imagine that you ale managing a small firm and thinking about entering the market of a monopolist....

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Output D 1 2 3 4 5 Maple Choice O Refer to the demand and cost data for a pure monopolist given in the table if the monopolist perfectly price-descriminated and sold each unt of the product at the maximum price the buyer of that unit would be willing t pay, and if the monopolist maximized profits, then the total profit receved would be O 5820 $550 $1,500 Price $420 $900 380 340 300 260 220 Total Cost $250 260 290 350 500 600
(c) A discriminating monopolist is faced with the following price elasticities: e1-0.75 and What pricing policy should the monopolist adopt in the two markets? In which market will it be profitable for the monopolist to operate? Assume now that er ez 0.50, will it be advisable for the monopolist to discriminate or operate a single market? run. Briefly explain why the monopolist has no unique supply curve in the short Unlike the competitive firm, the monopoly firm can make supernormal profit in the long run. Explain why. e-1.50 i. ii. iii. iv. V.
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When a monopolist sells two units of output its total revenue is R600. When aa monopolist sells three units of output its total revenue is R690. To sell three units od output instead of only two, what must the monopolist do?
Imagine that you ale managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10 less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?
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Figure 94 Monopolist (dollars) 10 8 6 0 Quantity MC Refer to Figure 94. Suppose that the profit-maximizing/loss minimizing level of output is 40 units per day and the average fixed cost and average variable cost of producing this amount is $4 $7, respectively. (a) What is the total cost of producing 40 units per day? Show your work. (b) What is the total profit earned/loss incurred by producing 40 units per day? Show your work. (c) What price will the firm charge to maximize profit or minimize loss? (d) Should the firm shut down or continue to produce in the short run? Explain.