Exhibit 24-10
Quantity Sold |
||
Price |
(units) |
Total Cost |
$10 |
10 |
$80 |
9 |
20 |
100 |
8 |
30 |
130 |
7 |
40 |
170 |
6 |
50 |
230 |
5 |
60 |
300 |
4 |
70 |
380 |
Refer to Exhibit 24-9. A single-price monopolist earns a total profit of __________ when it produces and sells 40 units of its good.
Group of answer choices
$80.
$110.
$30.
$61.
$49.
Option B.
At 40 units of the output produced and sold, the total revenue of the firm is equal to = 40 * 7 = $280. Total cost to produce 40 units of output = $170, thus, profits of the firm = Total Revenue - Total Cost = 280 - 170 = $110.
Exhibit 24-10 Quantity Sold Price (units) Total Cost $10 10 $80 9 20 100 8 30...
Exhibit 24-7 Price Quantity Total Cost $10 10 $80 9 15 85 8 20 95 7 25 110 6 30 140 5 35 175 4 40 215 Refer to Exhibit 24-7. A monopolistic competitive firm earns a total profit of when it produces and sells 20 units of its good. a. $80. b. $40. c. $200 O d. 550. O e. $65.
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