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Connect Problem CP 12-7 (algo) Currently, a monopolists profit-maximizing output is 400 units per week and it sells its output at a price of $60 per unit. The firms total costs are $10,000 per week. The firm is maximizing its profit, and it earns $40 in extra revenue from the sale of the last unit produced each week. Instructions: Enter your answers as whole numbers a. What are the firms weekly economic profits? b. What is the firms marginal cost? C.What is the firms average total cost?

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Answer #1

ANSWER:

1) Economic profit = total revenue - total cost

total revenue = selling price * no of units sold = $60 * 400 = $24,000

total cost = $10,000

Economic profit = $24,000 - $10,000 = $14,000

2) Marginal cost = $40 ( extra revenue from the last unit sold)

3) Average total cost = total cost / no of units = $10,000 / 400 = $25

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