Question
Hi there, I need help with my microeconomics assignment. The table below shows costs and demand data for a monopoly . Quantity Marginal Average unit
Hi there,
I need help with my microeconomics assignment.
The table below shows costs and demand data for a monopoly.
Quantity
Marginal
Average unit
Marginal
Demanded
Price
Revenue
Cost
cost
0
$35.00
100
32.00
$ 32.00
$48.00
$48.00
200
29.00
26.00
30.00
12.00
300
26.00
20.00
23.34
10.00
400
23.00
14.00
21.00
14.00
500
20.00
8.00
20.00
16.00
600
17.00
2.00
19.50
17.00
700
14.00
-4.00
19.28
18.00
800
11.00
-10.00
18.68
18.50
900
8.00
-16.00
18.72
19.00
(a)If the monopoly is unregulated by the government:
i.)what price will they charge? Explain why?2 Mark
ii.)what output will they produce?2 Marks
iii.)How much profit will they make?2 Marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Price theory and applications
Authors: Steven E landsburg
8th edition
538746459, 1133008321, 780538746458, 9781133008323, 978-0538746458
