Homework Answers
Ans. 17. B) 1,300
| Quantity | Price per unit | Total Cost | Total Revenue | Marginal Revenue | Marginal Cost |
| 1,000 | $4.00 | $2,000 | $4,000 | --- | --- |
| 1,100 | $3.75 | $2,200 | $4,125 | $1.25 | $2.00 |
| 1,300 | $3.25 | $2,300 | $4,225 | $0.50 | $0.50 |
| 1,400 | $2.75 | $2,400 | $3,850 | - $3.75 | $1.00 |
Working Note:
1) Total Revenue = Price per unit x Quantity
2) Marginal Revenue = change in Total Revenue/ change in Quantity
3) Marginal Cost = change in Total Cost/ change in Quantity
The monopolist's profit maximization level is where MR = MC = $0.50
At this level, the profit maximizing level of output is 1,300 unit and the profit maximizing price is $3,25 per unit.
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Represent both demand curves and explain why one demand
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Represent the supply curve and explain why is upward /
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curves. Management wants to adjust the production output quantity
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