Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c . Suppose that the demand for Molly's product increased by three units at every price level. Complete the table below. table [ [

c. Suppose that the demand for Molly's product increased by three units at every price level. Complete the table below.
\table[[\table[[Quantity per],[Period]],\table[[Price],[$30]],\table[[Total],[Revenue]],{
\table[[Marginal],[Revenue],[/]]},\table[[Marginal],[Cost]],Total Cost],[3,$,90,$,,$,],[4,30,,120,$,30,,,,],["5,29,,145,,25,,,,],[6,28,,168,,23,,,,],[7,27,,189,,21,1,,,,],[8,26,,208,,19,,,,],[9,25,,225,,17,,,,],[\bar (1/),24,,,,\bar (1),,1,,\bar (1/)],[1,22,,,,I,,1,,1],[1,20,,,,1,,1,,/]]
d. What will be her new profit-maximizing output and price, and what will be the amount of her profit?
Output:
Price: $
Profit: $The following table shows the cost and revenue data for Molly the monopolist.
Quantity per Period Price Total Revenue Marginal Revenue Marginal Cost Total Cost
0 $30 $ // $5
130 $ $ 32
22952
32872
42783
526105
625128
724152
822179
920206
a. Complete the table above.
b. What are Mollys profit-maximizing output and price, and what will be the amount of her profit?
Output:
Price:$
Profit: $
c. Suppose that the demand for Mollys product increased by three units at every price level. Complete the table below.
Quantity per Period Price Total Revenue Marginal Revenue Marginal Cost Total Cost
$30 $ / $ $
30 $
29
28
27
26
25
/24////
/22////
/20////
d. What will be her new profit-maximizing output and price, and what will be the amount of her profit?
Output:
Price: $
Profit: $
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Econophysics And Financial Economics An Emerging Dialogue

Authors: Franck Jovanovic, Christophe Schinckus

1st Edition

0190205032, 9780190205034

More Books

Students also viewed these Economics questions

Question

Prepare for a successful job interview.

Answered: 1 week ago

Question

Describe barriers to effective listening.

Answered: 1 week ago

Question

List the guidelines for effective listening.

Answered: 1 week ago