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What are the answers for these and why? 33. 34. 35. Craig's Red Sea Restaurant is the only restaurant in Columbia, South Carolina, that sells
What are the answers for these and why?
33. 34. 35. Craig's Red Sea Restaurant is the only restaurant in Columbia, South Carolina, that sells Ethiopian food. The demand for Ethiopian food is given by Q = 25 P. Craig's costs are given by TC = 25 + Q + 5Q2. Its maximum monopoly prot is: a. $l _ b. $21. c. $22. (L $24 . e. $26. For the NEckey Nce Company, the price elasticity of demand is 3, average cost is $15, and marginal cost is $30. Mickey's prot-maximizing price is: a. $10.00. b. $20.00. c. $22.50. cl. $30.00. e. $45 .00. So long as price exceeds average variable cost, in the model of monopoly, the rm maximizes prots by producing where: a. the difference between marginal revenue and marginal cost is maximized. b. marginal revenue equals price. c. the difference between price and marginal cost is maximized. (1. price equals marginal cost. e. marginal cost equals marginal revenueStep by Step Solution
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