Homework Answers
Answer
MR=P=$8 as the total revenue increasing by a constant amount so the MR=P
P=TR/Q=8/1=16/2=8 and so on
===========
MC(n)=TC(n)-TC(n-1)
MC(n)=marginal cost of n th unit
TC(n)=Total cost of n units of output
MC(1)=9-5=4 and so on
| Q | TR | TC | MR | MC | Profit |
| 0 | 0 | 5 | -5 | ||
| 1 | 8 | 9 | 8 | 4 | -1 |
| 2 | 16 | 14 | 8 | 5 | 2 |
| 3 | 24 | 20 | 8 | 6 | 4 |
| 4 | 32 | 27 | 8 | 7 | 5 |
| 5 | 40 | 35 | 8 | 8 | 5 |
| 6 | 48 | 44 | 8 | 9 | 4 |
| 7 | 56 | 54 | 8 | 10 | 2 |
| 8 | 64 | 65 | 8 | 11 | -1 |
| 9 | 72 | 72 | 8 | 7 | 0 |
the firm produces at MR=MC
where
Q=5 units
Option D
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Table 14-8 Suppose that a firm in a competitive market faces the following revenues and costs:...
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paper, take a picture with your phone and then attach the image to
your answer here.)
B. Given that the monopolist wants to maximise profits, what
price will it charge, and how many units will it produce?
C. What would be the quantity of output that would maximise
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D. Explain why this monopolist’s...
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