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Reference: Principles of Microeconomics, Ninth Edition, by N. Gregory Mankiw Please help me with these practice questions 1. The demand curve for Fibonacci Family Pizza,
Reference: Principles of Microeconomics, Ninth Edition, by N. Gregory Mankiw
Please help me with these practice questions
1. The demand curve for Fibonacci Family Pizza, which has the monopoly franchise on the campus of the State University, is given by Price Quantity Demanded Total Revenue Marginal Revenue 20 0 0 18 2 16 4 14 6 COOL 12 8 10 10 Complete the total revenue and marginal revenue columns.2. The cost function for the family business is: Quantity Total Cost Marginal Cost Average Cost 0 12 -- -- 2 28 4 36 6 56 1070 8 84 10 116 Complete the marginal cost and average cost columns.3. How much output should the Fibonaccis produce? 4. What price should they charge? 5. What profit will they earn at that price and output? 6. On a piece of graph paper or in MS EXCEL plot the demand curve data, the marginal revenue data and the MC curve data. Use the information in the graph and a bit of interpolation to compute an approximation of the deadweight loss attributable to Finonacci's market power. DWLStep by Step Solution
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