Principles of Economics
Principles of Economics
7th Edition
ISBN: 9781305156043
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Chapter 15, Problem 2QCMC
To determine

The relationship between price, marginal revenue and marginal cost.

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Consider a monopoly firm producing laptops. Below are the equations describing this firm's economic conditions. Demand: Q = 10 – P Marginal Revenue: MR= 10 – 2Q Total Cost: TC = 4 + Q + 0.5Q² || Marginal Cost: MC=1+Q Choose all correct statements. The produced quantity is 3. В. The price charged is 6. n C. The profit this monopoly firm can make is 9.5. D. None of above is correct.
Draw the graph. If the monopoly is a doing perfect price discrimination, then:  the monopoly produces a quantity Q = ______ where ________________ (which curves intersect?) the monopoly charges a price of  ________ (trick question!!!!)  the consumer surplus is CS = ______.   the producer surplus is PS = _________(identify the area on the graph and calculate it). this monopoly ________ (is / is not) efficient because ______________________.
The graph below shows the demand, revenue and cost curves for a monopoly operating in the short run. Use the graph to answer the questions that follow: Price and costs (dollars per unit) S 4 3 N 0 20 MC 40 MR 60 80 100 120 Quantity (units per day) What is the consumer surplus given change from monopoly to perfect competitor? ATC D
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