1. What is the total revenue of this firm if it is producing the level of...

Question

Question

1. What is the total revenue of this firm if it is producing the level of output that maximizes profit/minimize loss?

Price ($) MC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity

A) $560

B) $420

C) $160

D) $480

2. According to the figure below, what is the total profit of this monopoly?

Price (s) MC1 TATC1 AVC1 10 20 30 40 50 60 70 80 90 Quantity

A) $240

B) $-120

C) $60

D) $80

Answer 1

Answer #1

Q1
Answer
The firm produces at MC=MR
where
Q=40 units and P=$12
TR=P*Q=12*40=$480

Option D
=========
Q2
Answer
The firm produces at the MR=MC
where
Q=40 units and P=12
ATC=10
Profit=(P-ATC)*Q
=(12-10)*40
=$80

Option D

Answer 2

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