Fill in the Table for a monopoly. Q P TR TC Profit MR MC 10 $20...
Fill in the Table for a monopoly.
|
Q |
P |
TR |
TC |
Profit |
MR |
MC |
|
10 |
$20 |
$150 |
||||
|
11 |
19 |
155 |
||||
|
12 |
18 |
161 |
||||
|
13 |
17 |
170 |
||||
|
14 |
16 |
185 |
39 |
|||
|
15 |
15 |
210 |
- What is the highest profit possible?
- What is the profit maximizing level of output?
- What is the profit maximizing price?
- Draw the graph for a monopoly below, find the profit maximizing level of output Q*, the profit maximizing price P*, the average total cost ATC*, the profit per unit (P*-ATC*), and shade the profit region.
- Combine the table and graph by filling in the appropriate numbers in the graph for Q*, P*, ATC*, profit per unit, and total profit.
Homework Answers
The highest profit possible is when MC=MR ,TR-TC becomes
maximum. Here TR-TC is maximum at 55. Profit maximizing price is 18
and profit maximizing quantity is 12.
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q...
Consider a competitive firm with total costs given by TC(q) = 100 + 10q + q 2 The firm faces a market price p = 50. (d) Find the profit-maximizing level of output q^*. At this level of output, what are TR, TC, ATC, and π? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit-maximizing level of output. If there are profits, shade the region corresponding to profit and label it.
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2,...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
The market price is p=50 3. Consider a competitive firm with total costs given by TC(q)...
The market price is p=50
3. Consider a competitive firm with total costs given by TC(q) = 100 + 10q+q? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit maximizing level of output. If there are profits, shade the region corre- sponding to profit and label it. (f) If fixed costs increase from 100 to 500, what happens to the profit maximizing level of output, TR, TC, and a? (g) If fixed...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25 $20 $153 $10 41 S33 Complete the table above, using the given information. a. Use the demand and supply schedules to plot both curves on a well-labeled graph. b. Now assume a price floor of $20 and indicate this on the graph. C. Calculate the value of the new consumer surplus, the value of the new producer surplus, and the value of the new...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR,...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC TC Profit $15,000 0 ---- ---- $50,000 14,000 1 $52,000 13,000 2 $53,000 12,000 3 54,000 11,000 4 $2,000 10,000 5 59,000 9,000 6 4,000 8,000 7 $69,000 7,000 8 $8,000 6,000 9 5,000 10 4,000 11 $18,000 3,000 12 $143,000 a) Fill in the missing information above for this Monopoly Firm for its monthly production. Note there are no numbers for MC and...
P ($/pound) Q (pound) TR ($) MR ($) TC ($) MC ($) ATC ($/pound) 100 0...
P ($/pound) Q (pound) TR ($) MR ($) TC ($) MC ($) ATC ($/pound) 100 0 --- 0 --- --- 90 1 30 80 2 60 70 3 90 60 4 120 50 5 150 40 6 180 30 7 210 20 8 240 10 9 270 0 10 300 a. Complete the chart.
TR P Q TC MC ATC profit&nbs
TR P Q TC MC ATC profit 120 120 1 130 / 130 -10 satisfies 180 90 2 150 20 75 30 fair 180 60 3 180 30 60 0 profit max 160 40 4 220 40 55 -60 prod eff 150 30 5 270 50 54 -120 alloc eff 120 20 6 330 60 55 -210 nothing satisfied Under discrimination Q = 4, so TC = 220 while TR equals 120 + 90 + 40+ 60 = 310 and...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
The market price is p=50
3. Consider a competitive firm with total costs given by TC(q) = 100 + 10q+q? (e) Graph the ATC, AVC, MC, and MR curves in a single graph, and indicate the profit maximizing level of output. If there are profits, shade the region corre- sponding to profit and label it. (f) If fixed costs increase from 100 to 500, what happens to the profit maximizing level of output, TR, TC, and a? (g) If fixed...
TR! MR FC vel TC MC ATC Profit S-6 $25 21 5 4 3 2 $25 $20 $153 $10 41 S33 Complete the table above, using the given information. a. Use the demand and supply schedules to plot both curves on a well-labeled graph. b. Now assume a price floor of $20 and indicate this on the graph. C. Calculate the value of the new consumer surplus, the value of the new producer surplus, and the value of the new...
3. Given the data below, compute TR, TC, TFC, TVC, ATC, AVC, AFC, MR, MC, AR, and Profit 1 2 3 6 7 8 9 10 11 0 TC = 10 +570 - 80+ TR = 452 - 0 50. Find the profit maximizing level of output and graph all the curves. Note: for both problems. Graph all the total curves together on one graph Graph all the average and marginal curves together on one graph Graph the profit curve...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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