Answer the following (5) questions on the basis of the data
below which
refers to a pure monopolist (producing good X).Complete the table
below!
46
To maximize profits, the monopolist will produce:
| a. 2 units |
| b. 3 units |
| c. 4 units |
| d. 5 units |
47
What price will the firm charge?
| a. $15 |
| b. $14 |
| c. $12 |
| d. $10 |
48
At the above level of output , the firm will realize a profit of:
| a. $56 |
| b. $16 |
| c. $11 |
| d. $ a loss of $4 |
49
Given the above data, how many units would a perfectly competitive firm have produced, to maximize profit?
| a. 2 units |
| b. 3 units |
| c. 5 units |
| d. 6 unit |
50
From information in above table, the perfectly competitive firm would:
| a. make a profit of $11 |
| b. make a profit of $1 |
| c. make a loss of $10 |
| d. break-even. |
Homework Answers
46. To maximize profits, the monopolist will produce where MR = MC, which is at 4 units.
So, to maximize profits, the monopolist will produce 4units.
Ans is c)
47. What price will the firm charge?
The firm will charge $14 . It is so because at quantity 4 the corresponding price is $14.
Ans is b)
48. the firm will realize a profit of $16.
As according to the table, when Q = 4, profit= $16.
Ans is b)
49. a perfectly competitive firm would have produce where P = MC, to maximize profit and according to the given date, P =MC = 10 at Q = 6 units.
So, a perfectly competitive firm would produced 6 units to maximize profit.
ANs is d)
50. The perfectly competitive firm would make a profit of $1.
Because at Q = 6, corresponding profit = $1.
And is b)
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