a. Draw the marginal revenue curve. Plot only the endpoints of the graph below. Your Graph Score: 0% D 210 MC 180 marginal revel 150 120 Costs and revenues 90 60 30 0 10 20 30 40 50 60 70 80 901001 101 201 301 40 Quantity per periodb. What are the values of the profitmaximizing output and price? Output: 0 Price: $ 0 c. What are the values of output, price and total revenue when the firm's total revenue is maximized? Output: 0 Price: $ 0 Total revenue: $ 0 Sol-Motors is the only auto manufacturer in West Lidia, a country that prohibits the importation of cars. The graph below shows the demand and the costs for SolMotors. Your Graph Score: 0% [BE 110 100 / 90 MR 80 70 60 50 40 30 20 1 0 Costs and revenues (in thousands) 0 20 40 60 80100120140160180200220 Quantity per period (in thousands) . Add the marginal revenue curve to the graph above (starting at zero). Plot only the end points. . What are SolMotors' profitmaximizing output and price? Output: Othousands Price: $ ethousands . Suppose that the government of Lidia imposes a price ceiling of $40,000 per car. What is the firm's profitmaximizing output now? Profitmaximizing output: 0 . What would be the output ifthe graph represented a perfectly competitive industry rather than a monopoly? Output: 0 Graph shows the cost and revenue information for Shitotsu the monopolist. What are the levels of price, output, total (sales) revenue, and total profits if the monopolist were to produce at the positions (a) through (d) indicated in table below? D II :p x 80 MC 72 AC 64 56 48 40 32 24 ' '16 COStS and revenues 8 1 6 24 32 4O 48 56 Quantity per period Price($ Revenue ($) Profits ($) a. Total revenue maximization b. Profitmaximization c. Socially optimum price d. Fairreturn price The following table shows the cost and revenue data for Molly the monopolist. Quantity per Total Marginal Marginal Period Price Revenue Revenue Cost Total Cost S 0 0 $30 $ 5 29 S 25 1 29 29 V 30 IN 28 56 v 27 22 V 52 w 27 81 V 25 18 V 70 26 104 v 23 13 X 82 25 125 V 21 V 21 UT V 103 24 144 V 19 22 v 125 23 161 V 17 v 25 X 148 22 176 V 15 26 X 175 21 189 V 13 V 27 X 204 a. Complete the table above. b. What are Molly's profit-maximizing output and price, and what will be the amount of her profit? Output: 5 Price:$ 25 V Profit: $ 21 xProfit: $ 21 X c. Suppose that the demand for Molly's product increased by three units at every price level. Complete the table below. Quantity per Total Marginal Marginal Period Price Revenue Revenue Cost Total Cost S 90 $ 0 70 3 V $30 X S 26 4 V 29 116 V 13 X 83 x 5 V 28 140 V 24 V 21 V 104 X 6 V 27 162 22 v 22 V 126 x 7 v 26 182 20 25 x 151 X 8 v 25 200 V 18 V 26 X 177 X 9 v 24 216 V 16 V 27 x 204 V 23 22 21 d. What will be her new profit-maximizing output and price, and what will be the amount of her profit? Output: 6 Price: $ 27 Profit: $ 36 XAruna owns Pottery Plus, a small firm that produces terra cotta pots for sale in the Edmonton area. The graph below shows Aruna's demand curve. Price ($) 40 36 32 28 24 20 16 12 8 4 0 4 8 12 16 20 24 28 32 36 40 Quantity per perioda. If the firm wishes to maximize its total revenue, at what price should it sell its pots? Q What is its total revenue? $ 247 o b. Suppose that the firm were to increase its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 0 What is the co-efficient for the price elasticity of demand between those two prices? Round your price answer to two decimal places. -0 c. Suppose that the rm were to decrease its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 0 a. If the firm wishes to maximize its total revenue, at what price should it sell its pots? 23 o What is its total revenue? $ 247 o b. Suppose that the firm were to increase its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 0 What is the co-efficient for the price elasticity of demand between those two prices? Round your price answer to two decimal places. -0 c. Suppose that the firm were to decrease its price by $4 from the price in (a). What will be the change in its total revenue? Give your answer as an absolute number. 0.56 o What is the coefficient for price elasticity of demand between those two prices? Round your price answer to two decimal places. :|