The following table gives the total cost and total revenue schedule for a monopolist. Quantity Total Cost
No answer yet for this question.
Ask a Tutor
Question:
The following table gives the total cost and total revenue schedule for a monopolist.
Quantity | Total Cost (in dollars) ($) | Total Revenue (in dollars) ($) |
0 | 144 | 0 |
1 | 160 | 90 |
2 | 170 | 160 |
3 | 194 | 210 |
4 | 222 | 240 |
5 | 260 | 250 |
6 | 315 | 240 |
7 | 375 | 210 |
A. Calculate the marginal revenue and marginal cost.
b. Determine the profit-maximizing price and quantity, and calculate the resulting profit.
c .Sketch the demand curve, the marginal revenue curve, and the marginal cost curve, and show how to derive the profit-maximizing quantity graphically.
Posted Date: