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See attached my various questions You are a consultant who specializes in providing advice to firms with monopoly power. Three monopoly firms (from different markets)
See attached my various questions
You are a consultant who specializes in providing advice to firms with monopoly power. Three monopoly firms (from different markets) are currently seeking your advice. Although the information they have supplied to you, summarized in the table below, is incomplete, your expert knowledge of economics may allow you to make a recommendation in each case. For each firm, make a recommendation for what they should do in the short-run, selecting from one of the following options. - remain at the current output level increase output reduce output shut down go back and recheck the figures because the ones supplied cannot be right Firm A Price Marginal Revenue Total Revenue 24 16 12000 Total Cost 9000 Firm B Firm C Marginal Cost 16 6 4.10 3000 Data Not Available 4.50 Averaget Total Cost 30 5 Average Variable Cost 33 4.10 a) Give a recommendation and reasoning to Firm A. (b) Give a recommendation and reasoning to Firm B. (c) Give a recommendation and reasoning to Firm C. 30 25 6000 9500 25 Data Not Available 42.50
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