so if they acted like a monopolist and charged a single price to all consumers, what price would they charge to maximize profits?How do I figure this out looking at the graph? Ticket AgentGroup TicketsDemand and CostsDemand and Costs: GraphIt might help if we could see a graph-do you happen to have one?Demand and Costs: GraphDemand for Concert Tickets35Ray30I just happen to have one...here it is:2520Ticket Agent15It looks like the concert has price setting ability.MC = ATC10МаxMRD1015253035Yes, the downward sloping demand curve tells us that they havesome monopoly power.QuantityMRМС-АТСRaySo if they acted like a monopolist and charged a single price to allconsumers, what price would they charge to maximize profits?МаxEnter a response then click Submit below$20LO%24 Demand and CostsDemand for Concert Tickets:P = 30 – QMarginal Revenue:MR = 30 – 2QTotal Cost:10QMarginal Cost: 10oAverage Total Cost: 10

Given Demand for concert tickets : P = 30- Q Marginal revenue : MR = 30-2Q Total cost : 10Q…

Ticket Agent Group Tickets Demand and Costs Demand and Costs: Graph It might help if we could see a graph-do you happen to have one? Demand and Costs: Graph Demand for Concert Tickets 35 Ray 30 I just happen to have one..here it is: 25 20 Ticket Agent $ 15 It looks like the concert has price setting ability. MC = ATC 10 5 Мax MR D 10 15 20 25 30 35 Yes, the downward sloping demand curve tells us that they have some monopoly power. Quantity - MR - MC=ATC Ray So if they acted like a monopolist and charged a single price to all consumers, what price would they charge to maximize profits? Маx Enter a response then click Submit below $

Ticket Agent Group Tickets Demand and Costs Demand and Costs: Graph It might help if we could see a graph-do you happen to have one? Demand and Costs: Graph Demand for Concert Tickets 35 Ray 30 I just happen to have one..here it is: 25 20 Ticket Agent $ 15 It looks like the concert has price setting ability. MC = ATC 10 5 Мax MR D 10 15 20 25 30 35 Yes, the downward sloping demand curve tells us that they have some monopoly power. Quantity - MR - MC=ATC Ray So if they acted like a monopolist and charged a single price to all consumers, what price would they charge to maximize profits? Маx Enter a response then click Submit below $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

so if they acted like a monopolist and charged a single price to all consumers, what price would they charge to maximize profits?

How do I figure this out looking at the graph?

Ticket Agent
Group Tickets
Demand and Costs
Demand and Costs: Graph
It might help if we could see a graph-do you happen to have one?
Demand and Costs: Graph
Demand for Concert Tickets
35
Ray
30
I just happen to have one...here it is:
25
20
Ticket Agent
15
It looks like the concert has price setting ability.
MC = ATC
10
Маx
MR
D
10
15
25
30
35
Yes, the downward sloping demand curve tells us that they have
some monopoly power.
Quantity
MR
МС-АТС
Ray
So if they acted like a monopolist and charged a single price to all
consumers, what price would they charge to maximize profits?
Маx
Enter a response then click Submit below
$
20
LO
%24

Demand and Costs
Demand for Concert Tickets:
P = 30 – Q
Marginal Revenue:
MR = 30 – 2Q
Total Cost:
10Q
Marginal Cost: 10o
Average Total Cost: 10

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