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Question 7(Marks 12) Supposeamonopolistfacesthedemandcurveandcostcurvesshownbelow. Refertothe above Figure, answer the following: What quantity aprofit-maximizingsingle-pricemonopolistwouldproduce? Answer: What price aprofit-maximizingsingle-pricemonopolistwouldcharge? Answer What is theaverageperunitprofitearnedbythisprofit-maximizingsingle-pricemonopolist? Answer: Ifthesingle-pricemonopolistisproducingattheprofit-maximizinglevelofoutput,the totalcostrepresentedbywhicharea? Answer:

Question 7(Marks 12)

Supposeamonopolistfacesthedemandcurveandcostcurvesshownbelow.

Refertothe above Figure, answer the following:

What quantity aprofit-maximizingsingle-pricemonopolistwouldproduce?

Answer:

What price aprofit-maximizingsingle-pricemonopolistwouldcharge?

Answer

What is theaverageperunitprofitearnedbythisprofit-maximizingsingle-pricemonopolist?

Answer:

Ifthesingle-pricemonopolistisproducingattheprofit-maximizinglevelofoutput,the totalcostrepresentedbywhicharea?

Answer:

Ifthissingle-pricemonopolistisproducingattheprofit- maximizing level of output, the total revenue is represented by which area?

Answer:

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