Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 11, Problem 4PA
Sub part (a):
To determine
The public good.
Sub part (b):
To determine
The public good.
Sub part (c):
To determine
The public good.
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The table below presents the demand schedule and marginal costs facing a monopolist producer.
a. Fill in the total revenue and marginal revenue columns.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure
to include a negative sign (-) in front of those numbers. Leave no cells blank. Enter 0 if appropriate.
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TR ($)
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MR ($)
MC ($)
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4
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5
5
3
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6
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7
1
8
0
b. What is the profit-maximizing level of output?
units
c. What price will the monopolist charge to maximize profits?
$
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8
not use ai please
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a. If the price of movies is $20 and the price of golf is $40, what is the utility-maximizing
consumption of movies and golf?
b. Show the optimal consumption bundle on a graph, showing a budget line (with
intercepts), a tangent indifference curve, and the optimal choice.
3. Sam has set aside $480 for entertainment this month, which is golf (x) and/or bowling (z). A
round of golf is $40 and a night of bowling is $30. His utility function is U = 3x + 2z.
a. What is his MRS?
b. Solve for the optimal choice of golf…
Chapter 11 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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