Total Output 1 2 3 4 5 6 7 8 9 10 Multiple Choice O O Price $100 O Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing 3 units. 4 units. 5 units. 90 80 70 60 50 40 30 20 10 6 units. Marginal Revenue $ 100 80 60 40 20 0 -20 -40 -60 -80 Average Total Cost $ 100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 Marginal Cost $30 26 32 40 50 52 66 80 100 130

Total Output 1 2 3 4 5 6 7 8 9 10 Multiple Choice O O Price $100 O Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing 3 units. 4 units. 5 units. 90 80 70 60 50 40 30 20 10 6 units. Marginal Revenue $ 100 80 60 40 20 0 -20 -40 -60 -80 Average Total Cost $ 100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 Marginal Cost $30 26 32 40 50 52 66 80 100 130

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exhibit 10-4 $/0 MC ATC 24 /t 10 The non-discriminating monopolist in Exhibit 10-4 should: O Produce 10 units at a price of $36 per unit. O Produce 10 units at a price of $24 per unit. O Produce 10 units at a price of $40 per unit. O Produce 15 units at a price of $32 per unit. O We cannot determine what the firm should do without knowing its average variable cost.
QUESTION 12 The table below shows a monopolist's demand curve and the cost information for the production of its good. What will their profits equal? Quantity Price per UnitTotal Cost 10 $100 20 $80 $60 $40 $20 O 30 40 50 a. $600 O b. $1,200 O c. $1,600 O d. $1,000 $100 $400 $800 $1,400 $2,400
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5 int ences $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 0 N MR units MC Quantity D 4 5 6 7 8 9 10 11 Tools DWL Instructions: In parts a and b, enter your answers as a whole number. In parts c-e, round your answers to two decimal places. a. What is the profit-maximizing level of output? b. What price will the monopolist charge to maximize profits? $ CS c. Determine the efficiency costs (deadweight loss) of monopoly output/pricing. Instructions: Use the tool provided 'DWL' to illustrate this area on the graph. Drag the points to move or resize. What is the efficiency cost (deadweight loss) of monopoly output/pricing? d. Determine the consumer surplus under monopoly output/pricing. Help Save & Exit Submit
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MC ATC AVC 8. MR 4 10 12 Quantity (units per day) The figure above represents a monopoly. This monopolist earns an economic profit of $ per day. 8.00 24.00 32.00 O 16.00 Price and costs (dollars per unit) 2.
This kind of firm operates in a small market with possibly 4 or 5 other firms, and sells a product that is the exact same product that other firms are selling. Monopolist O Oligopolist Perfect competitive firm Monopolistic competitive firm P 3 a 4 OO % 5 m 6 & 7 A 8 W P 9 s O 7
QUESTION 17 45- 40- 35 30- 25 Price 20- 15 10+ 5 MR MC-ATC $500 O $250 O $0 Demand 50 100 150 200 250 300 350 400 450 500 550 600 ++ Quantity The figure above depicts a monopoly. If the monopolist perfectly price discriminates, then consumer surplus amounts to $1000