Question

Help with 10-13 please.

10.-13. Refer to the following diagram for a pure monopoly: 10. To maximize profits/minimize losses, the firm should produce: A. E units and charge price C B. E units and charge price A C. M units and charge price N D. L units and charge price LK ATC Dollars 11. At profit maximizing output level, Total Revenue - A. NM times OM B. OAJE C. OEGC D. OBHE Demand ELM Quantity 12. At profit maximizing output level, Total Cost will be: А. ОАЈЕ B. OCGE C. OBHE D. NM times OM 13. At profit-maximizing output level, the firm will realize A. An economic profit of ABHU B. An economic profit of ACGJ C. A loss of GH per unit D. A loss of JH per unit

Answer 1

10)

Answer:( B)

Profit is maximized where Q = E and P = A.

11)

Answer: (B)

TR = P *Q

12)

Answer: (C)

OBHE is the total cost of firm

TC= AC*Q

13)

Answer: (A)

ABHJ is profit.

Profit = TR - TC