The following table contains demand and cost data for a monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost. Answer these three questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge? (c) What total profit will the monopolist receive at the profit-maximizing level of output? Quantity Price Total revenue Marginal revenue Total cost Marginal cost 0 $34 $ 1 32 2 30 3 28 26 24 22 20 18 16 14 4 5 6 8 9 10 $ $20 36 46 50 54 56 64 80 100 128 160 $
The following table contains demand and cost data for a monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost. Answer these three questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge? (c) What total profit will the monopolist receive at the profit-maximizing level of output? Quantity Price Total revenue Marginal revenue Total cost Marginal cost 0 $34 $ 1 32 2 30 3 28 26 24 22 20 18 16 14 4 5 6 8 9 10 $ $20 36 46 50 54 56 64 80 100 128 160 $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![es
The following table contains demand and cost data for a monopolist. Complete the table by filling
in the columns for total revenue, marginal revenue, and marginal cost. Answer these three
questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge?
(c) What total profit will the monopolist receive at the profit-maximizing level of output?
Quantity Price Total revenue Marginal revenue Total cost Marginal cost
O
$34
$
1
32
30
28
26
24
22
20
18
16
14
234
5678
9
10
$
$20
36
46
50
54
56
64
80
100
128
160
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5edb2597-26b9-4f05-af02-e32b81ef17e2%2F213d5f57-326f-478b-90ed-ed659c0978d8%2Ffpo4lrj.jpeg&w=3840&q=75)
Transcribed Image Text:es
The following table contains demand and cost data for a monopolist. Complete the table by filling
in the columns for total revenue, marginal revenue, and marginal cost. Answer these three
questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge?
(c) What total profit will the monopolist receive at the profit-maximizing level of output?
Quantity Price Total revenue Marginal revenue Total cost Marginal cost
O
$34
$
1
32
30
28
26
24
22
20
18
16
14
234
5678
9
10
$
$20
36
46
50
54
56
64
80
100
128
160
$
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