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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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9. The kinked demand curve Wilke is a manufacturer in the oligopolistically competitive market for footballs. Two other manufacturers, Rawlding and Spaldon, compete with Wilke for football consumers. Wilke faces the kinked demand curve for footballs depicted on the graph. Initially, Wilke charges $30 per football, producing and selling 7 million footballs per year. PRICE (DOLLARS PER BALL) 36 35 34 33 32 31 30 29 28 27 28 5 в 7 8 FOOTBALLS (Millions of balls) 9 10 ? As an oligopolist, Wilke is a price maker. If Wilke raises the price of its football from $30 to $32 per ball, the quantity of Wilke footballs demanded million footballs per year. If Wilke reduces the price of its football from $30 to $28 per ball, the quantity of footballs demanded million footballs per year. (Hint: Mouse over the points on the graph to see their coordinates.) by by If Wilke lowers the price of its football below $30, the kinked demand curve model suggests that Rawlding and Spaldon will respond by
A monopolist has a constant marginal cost of production. Its total revenue function is given by the following table. Quantity Total Revenue ($) (units) 1 68 2 108 3 142 170 5 192 6. 208 7 218 If the monopolist finally chooses to produce 4 units, the marginal cost must be strictly greater than $[ Answer ]. (In integers, please.) 4-
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10 8 7 5678 Price = 10, Quantity = 5 Price = 3, Quantity = 5 MC Price = 8, Quantity = 7 Q If the monopolist depicted in the above figure is maximizing profits, the correct price/output combination will be: Price = 6, Quantity = 6 ATC D
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The figure on the right shows the demand schedule for a product produced by a single-price monopolist. Price ($) 10 987654 Quantity demanded A. 9; 10; -1 B. 40; 45; 5 C. 36; 41; 5 D. 5; 4; 1 E. 15; 15; 0 4 567892 10 Using the graph on the right, suppose this single-price monopolist is initially selling 4 units at $10 each and then reduces the price of the product to $9. By making this change, the firm is giving up revenue of Its and gaining revenue of marginal revenue is therefore (All figures are dollars.) Price ($) 141 13- 12- 11- 10- 9- 6- 5- 4- 3- 2- 1- -N 4 5 6 7 8 9 10 11 12 13 14 15 16 Quantity Q Q
27 $50 $45 $40 i of $35 $30 $25 ATC, Demand = P $20 $15 FLRATC = LRMC $10 MR $5 $0 20 40 60 80 100 120 Output (Q) The diagram above shows the Demand, MR, and cost curves for a monopolist in both the short-run and long-run. According to the information on the graph, the monopolist will maximize profit in the SHORT-run by choosing Output (Q) level and in the LONG- run by choosing Output (Q) level Select one: а. 25; 40 b. 40; 25 С. 25;B 80 d. 40; 80
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In Fruitland, strawberries are sold in 4-litre baskets to customers on a "pick-your-own" basis. There are 2 farmers who sell strawberries: Mickey and Kit. There are no costs of supplying strawberries for sale for either farmer, so each has MC = ATC = 0. Profit therefore is simply TR. Market demand for strawberries is given in the accompanying table. If the market were served by a monopolist, the quantity traded would be 125 baskets, the price per 4-litre basket would be $7.50, and the profit for the firm would be $937.50. If Mickey and Kit decided to collude, each would have an individual quantity supplied of 62.5 baskets and each would have profits of $468.75. Suppose Mickey and Kit agree to split the monopoly outcome. Kit, acting in her own self-interest, realizes that she can cheat and supply 87.5 baskets; when she does, Kit's profits are $525.00 and Mickey's profits are $375.00. Mickey decides to retaliate and increases his supply to 87.5 baskets too; when he does, Kit's profits…
Please solve last three sub-parts this is my homework question