Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Suppose a pure monopolist faces the following cost data, as shown by the table on the left, and the demand schedule, as shown on the
Suppose a pure monopolist faces the following cost data, as shown by the table on the left, and the demand schedule, as shown on the right 2. Calculate the missing TR and MR amounts. Instructions: Enter your answers rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (4) In front of those numbers. Production and Costs Demand Total Average Average Average Variable Marginal Quantity Price Product Fixed Cost Marginal Total Revenue Cost Total Cost Cost Demanded Revenue 0 $115 0 $ 0.00 1 $60.00 $45.00 $105.00 $45 100 1 $ 100,00 2. 30.00 42.50 72 50 40 83 2 $ 166.00 3 20.00 40.00 60.00 35 71 3 $ 213.00 4 15.00 37.50 52 50 30 63 $ 252.00 5 12.00 37.00 49.00 35 55 5 $ 275.00 6 10.00 37.50 47.50 40 48 6 $ 288.00 7 8.57 38.57 47.14 45 42 7 $ 294.00 8 7.50 40.63 48.13 55 37 8 $ 296.00 9 6.67 43.33 50.00 65 33 9 $ 297 001 10 6.00 46.50 52 50 75 29 10 $ 290.00 4 M NIK VW Cost 0 1 $45 0 1 2 3 $115 100 B3 $ $ $ $105.00 72.50 60.00 40 35 2 3 71 4 63 55 $60.00 30.00 20.00 15.00 12.00 10.00 8.57 7.50 6.67 $45.00 42.50 40.00 37.50 37.00 37.50 38.57 40.63 43.33 46,50 4 5 6 5 48 0.00 100.00 166.00 213.00 252.00 275.00 288.00 294.00 296.00 297.00 290.00 52.50 49.00 47.50 47.14 48.13 50.00 30 35 40 45 55 65 6 7 All $ $ $ $ $ $ $ $ 42 7 8 9 37 33 8 9 29 10 52.50 10 6.00 75 Instructions: Enter your answers as a whole number. b. What is the profit-maximizing price for this monopolist? $ What is the profit-maximizing output? units c. What is the monopolist's profit
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