TR MR AC (ATC) TC MC Profit +/- 0. $170 $95 $160 $195 2. $150 $145 3. $140 $127 4. $130 $116.25 $120 $109 $110 $105 $100 $104 8. $90 $103.75 6. $80 $105 10 $70 $107 Refer to Monopoly table above. The natural (pure) monopoly will earn the following: O a. profit of 39 Ob. profit of 1o Oc. loss of 28 O d. profit of 30 O e. profit of 55

TR MR AC (ATC) TC MC Profit +/- 0. $170 $95 $160 $195 2. $150 $145 3. $140 $127 4. $130 $116.25 $120 $109 $110 $105 $100 $104 8. $90 $103.75 6. $80 $105 10 $70 $107 Refer to Monopoly table above. The natural (pure) monopoly will earn the following: O a. profit of 39 Ob. profit of 1o Oc. loss of 28 O d. profit of 30 O e. profit of 55

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. A monopolist is faced with the following cost and revenue curves: $ 80 70 60 50 40 30 20 10 0 -10 0 -20 100 200 300 400 FMC 500 AC AR 600 MR Quantity (a) What is the maximum-profit output?. (b) What is the maximum-profit price? (c) What is the total revenue at this price and output? (d) What is the total cost at this price and output? (e) What is the level of profit at this price and output? (f) If the monopolist were ordered to produce 300 units, what would be the market price? (g) How much profit would now be made? (h) If the monopolist were faced with the same demand, but average costs were constant $60 per unit, what output would maximise profit? (i) What would be the price now? (j) How much profit would now be made? (k) Assume now that the monopolist decides not to maximise profits, but instead sets a price of $40. How much will now be sold?.
1. What are the various reasons that causes monopoly? Explain and provide an example of each. 2. Explain the characteristics of a monopoly. How it is different from a perfect competition? 3. Refer to the graph below: 105 100 - MC 95 90 АТС 85 80 75 70 65 - 60 55 50 45 + 40 + 35 30 25 20 15 10 MR Demand +++++ YTTI 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100105110115120 e In the above graph calculate the following? a. The profit maximization quantity b. Price that the monopolist will charge at that level c. Total revenue at that level d. Total cost at that level e. Profit or loss (if any) at that level
5 Select whether the statement is true or false. If a firm is the only one in the world that produces shoes made of faux leather, it is not considered a monopoly because there are many other types of shoes available. A true BO false
QUESTION 22 For a monopoly firm: A. total revenue is a straight, B. the marginal revenue curve lies C. the marginal revenue curve lies O D. the marginal revenue curve upsloping line because a firm's sales are independent of above the demand curve because below the demand curve lies below the demand curve any reduction in price applies to because any reduction in price because any reduction in all units sold applies to all units sold price applies only to the product price extra unit sold
1 ut of Use the figure below to answer the following questions. Price K E H F 0 A B C Select one: D MR OA. ABD O B. ACD O C. FHDC O D. EABH OE. EADH MC Figure 12.3.3 D Consider Figure 12.3.3. Which area indicates the difference in consumer surplus between a single-price monopoly and a perfectly competitive market? Quantity Next page
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Which of the following does not describe a monopoly market? Select one: O a. Profit maximizing output is chosen, where marginal revenue equals marginal cost O b. A single seller and price maker O c. Price is higher than marginal cost or marginal revenue O d. No barriers to entry and/or exit Australian Institute of Business & Management trading as King's Own Institute
100 pis possib TTIT The table below shows the quantity of output produced by a monopoly that consumers demand at each price and the monopoly's cost structure. Quantity Price Total Revenue Marginal Revenue $400 350 300 Total Cost Marginal Cost $40 1 $400 $400 750 1,050 1,300 1,500 1,650 1,750 1,800 1,800 $40 375 60 20 3 350 108 48 IS 325 250 164 56 300 200 228 64 6. 275 150 300 72 250 100 380 80 225 50 480 100 200 600 120 What are the profit-maximizing price and quantity? The monopoly should produce units of output and charge a price of $ (Enter your responses as integer values.) What is the monopoly's profit? The monopoly's profit is $ (Enter your response as an integer value.) Enter your answer in each of the answer boxes. Гext Type here to search
P $9 $7 55 B 300 rounds 740 rounds. 900 rounds MC ATC 1.200 rounds MRWD DWD $10 $9 0 100 200 350 Q 0 100 120 200 Q The graphs represent the demand for use of a local golf course for which there is no significant competition. It has a local monopoly.) P denotes the price of a round of goif and Q is the quantity of rounds sold each day. If the left graph represents the demand during weekdays and the right graph the weekend demand then over the course of a full seven-day week, this price discriminating profit-maximizing golf course should sel a total of $4 MRWE MC ATC Pwe