Homework Answers
1. There is a high demand for the product is not a typical characteristic of monopoly.
2. Monopolist maximizes profit at the level of output when MR<P.
3.A monopolist charges aprice that the market will bear.
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Which of the following characteristics is NOT typical of a monopoly? There is a high demand...
NAME PRINT LAST NAME, FIRST NAME SECTIONE MONOPOLY is a pure monopoly when: İt is the...
NAME PRINT LAST NAME, FIRST NAME SECTIONE MONOPOLY is a pure monopoly when: İt is the only seller of a unique product and barriers to entry pneventother selen from entering the market in the long run it is the only seller of a product that has the market in the long run is unrestricted b. very few close substitutes and entry into C. there are only a few other very large firms selling similar products. d. it can sell all...
which would be defining of pure monopoly? characteristics A. The firm exit from guaranteed can the...
which would be defining of pure monopoly? characteristics A. The firm exit from guaranteed can the easily enter Industry and into profits or are and is B. The firm holds technologically a patent progressive c. No close exist substitutes and there is for one the product seller D. and The firm it sells a does not advertising standardized product
1. A monopoly is facing an inverse demand curve that is p=200-5q. There is no fixed cost and the marginal cost of produc...
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
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....
Consider the local telephone company, a natural monopoly. The following graph shows the demand curve for...
Consider the local telephone company, a natural monopoly. The following graph shows the demand curve for phone services, the company's marginal revenue curve (labeled MR), its marginal cost curve (labeled MC), and its average total cost curve (labeled ATC). You can hover over the points on the graph to see their exact coordinates. PRICE, COST, MR (Dollars per month) 100 90 80 70 60 Demand 50 40 30 ATC 20 MC 10 MR 54 60 30 36 42 48 0...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
Extra Credit Question 11 Monopoly Consider the following table and answer the question. in the case...
Extra Credit Question 11 Monopoly Consider the following table and answer the question. in the case of pure monopoly) Denotation: (total output, or product demand for each price) TC (total cost) TFC (total fixed cost) MC (marginal cost) TR (total revenue) MR (marginal revenue) TR . QTC TFC MC Price 03 7 56 3 8 70 3 1 --3. Complete the table. 4. What is the total profit at output level of 5? 5. How many output this firm produces...
Scenario A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for...
Scenario A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for its product: Q=3500-5p MR= 250-Q TC=15Q MC=100 What level of output maximizes total revenue? What is the profit maximizing level of output? What is profit maximizing price? How much profit does the monopolist earn? Suppose that a tax of $10 for each unit produced is imposed by state government. What is the profit maximizing level of output
A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for its...
A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for its product: Q=3500-5p MR= 250-Q TC=15Q MC=100 What level of output maximizes total revenue? What is the profit-maximizing level of output? What is the profit-maximizing price? How much profit does the monopolist earn? Suppose that a tax of $10 for each unit produced is imposed by the state government. What is the profit-maximizing level of output?
I need help with parts H, I, and J only please Part II Monopoly P ATC...
I need help with parts H, I, and J only please
Part II Monopoly P ATC 20 MC 17 15 13 9 6 D 0 40 50 55 90 Q MR A) What is the profit maximizing output level for this monopolist? B) What is the profit maximizing price this monopolist will charge? C) The total revenue of this monopolist is equal to? D) What is the ATC of this monopolist when it maximizes its profit? E) What is the...
NAME PRINT LAST NAME, FIRST NAME SECTIONE MONOPOLY is a pure monopoly when: İt is the only seller of a unique product and barriers to entry pneventother selen from entering the market in the long run it is the only seller of a product that has the market in the long run is unrestricted b. very few close substitutes and entry into C. there are only a few other very large firms selling similar products. d. it can sell all...
which would be defining of pure monopoly? characteristics A. The firm exit from guaranteed can the easily enter Industry and into profits or are and is B. The firm holds technologically a patent progressive c. No close exist substitutes and there is for one the product seller D. and The firm it sells a does not advertising standardized product
1. A monopoly is facing an inverse demand curve that is
p=200-5q. There is no fixed cost and the marginal cost of
production is given and it is equal to 50.
Find the total revenue function.
Find marginal revenue (MR).
Draw a graph showing inverse demand, MR, and marginal cost
(MC).
Find the quantity (q) that maximizes the profit.
Find price (p) that maximizes the profit.
Find total cost (TC), total revenue (TR), and profit made by
this firm.
Find...
Price/Cost ($) 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....
Consider the local telephone company, a natural monopoly. The following graph shows the demand curve for phone services, the company's marginal revenue curve (labeled MR), its marginal cost curve (labeled MC), and its average total cost curve (labeled ATC). You can hover over the points on the graph to see their exact coordinates. PRICE, COST, MR (Dollars per month) 100 90 80 70 60 Demand 50 40 30 ATC 20 MC 10 MR 54 60 30 36 42 48 0...
17. In order to price discriminate, a monopoly firm must be able to: a separate customers based on different elasticities of demand b. charge each customer the same price. c. incur a different cost for producing each unit of output. d. all of the above. 18. If DeBeers has a monopoly in the diamond market, then: a. DeBeers must be engaging in perfect price discrimination if it is charging every customer the same price for a diamond. b. the marginal...
Extra Credit Question 11 Monopoly Consider the following table and answer the question. in the case of pure monopoly) Denotation: (total output, or product demand for each price) TC (total cost) TFC (total fixed cost) MC (marginal cost) TR (total revenue) MR (marginal revenue) TR . QTC TFC MC Price 03 7 56 3 8 70 3 1 --3. Complete the table. 4. What is the total profit at output level of 5? 5. How many output this firm produces...
Scenario A: A monopolist faces the following demand curve, marginal revenue curve, total cost curve for its product: Q=3500-5p MR= 250-Q TC=15Q MC=100 What level of output maximizes total revenue? What is the profit maximizing level of output? What is profit maximizing price? How much profit does the monopolist earn? Suppose that a tax of $10 for each unit produced is imposed by state government. What is the profit maximizing level of output
I need help with parts H, I, and J only please
Part II Monopoly P ATC 20 MC 17 15 13 9 6 D 0 40 50 55 90 Q MR A) What is the profit maximizing output level for this monopolist? B) What is the profit maximizing price this monopolist will charge? C) The total revenue of this monopolist is equal to? D) What is the ATC of this monopolist when it maximizes its profit? E) What is the...
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