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ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Table 6.1: A Monopoly** | Price (P) | Quantity (Q) | Marginal Cost (MC) | |-----------|--------------|---------------------| | $10.00 | 4 | $4.00 | | $8.00 | 6 | $5.00 | | $6.00 | 8 | $6.00 | | $4.00 | 10 | $7.00 | | $2.00 | 12 | $8.00 | | $0.00 | 14 | $9.00 | --- **Analysis Explanation:** This table illustrates the relationship between the price, quantity sold, and marginal cost for a monopolistic market. The rows provide data points for different prices: - **Price (P):** The price at which each unit is sold. - **Quantity (Q):** The total quantity sold at each price point. - **Marginal Cost (MC):** The additional cost incurred for producing one more unit. --- **Question:** Refer to Table 6.1 for a price-maker. At a per-unit price of $8.00, the monopoly earns _____ in total profits. **Options:** - $22 - $20 - $24 - $26
Transcribed Image Text:**Table 6.1: A Monopoly** | Price (P) | Quantity (Q) | Marginal Cost (MC) | |-----------|--------------|---------------------| | $10.00 | 4 | $4.00 | | $8.00 | 6 | $5.00 | | $6.00 | 8 | $6.00 | | $4.00 | 10 | $7.00 | | $2.00 | 12 | $8.00 | | $0.00 | 14 | $9.00 | --- **Analysis Explanation:** This table illustrates the relationship between the price, quantity sold, and marginal cost for a monopolistic market. The rows provide data points for different prices: - **Price (P):** The price at which each unit is sold. - **Quantity (Q):** The total quantity sold at each price point. - **Marginal Cost (MC):** The additional cost incurred for producing one more unit. --- **Question:** Refer to Table 6.1 for a price-maker. At a per-unit price of $8.00, the monopoly earns _____ in total profits. **Options:** - $22 - $20 - $24 - $26
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