Homework Answers
The average cost is calculated by dividing the total cost by the output produced. When the monopolist is producing 8 units then the total cost is $21. So, the average cost of producing 8 units is 21/8 = $2.625 (or $2.63 approximately).
The marginal cost is defined as the additional cost incurred to produce one more unit of a good. It is calculated as the change in total cost when one more unit is produced. So, the marginal cost of producing the 8th unit is $21 - $19 which equals $2.
Therefore, the correct answer is 'Option B'.
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QUESTION 1 Marginal Revenue ($) Marginal Cost ($) Revenue ($) Table: Profit-Maximizing Monopolist Price Quantity Total...
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total...
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at...
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at that quantity because the demand curve is above the marginal-revenue curve. Profit equals mulitplied by the profit-maximizing quantity Price is and marginal cost average variable cost average cost marginal revenue. A monopolist maximizes profit by choosing the quantity at which marginal revenue equals Price is at that quantity because the demand curve is above the marginal-revenue curve. Profit equals the difference between the price...
The following table shows demand and marginal cost for a monopolist. Calculate marginal revenue (MR) at...
The following table shows demand and marginal cost for a monopolist. Calculate marginal revenue (MR) at each quantity. (Enter your response as an integer.) Output (units) (Q) Price per Unit (P) Marginal Revenue Marginal (MR) Cost (MC) 0 10 9 1 2 8 2 3 7 3 4 6 4 5 5 5 A profit-maximizing monopolist will produce units and set a price of $
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity M...
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400...
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0...
COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $50.00 -- 0 $60 -- 1 $75.00 1 $60 2 $101.00 2 $60 3 $128.50 3 $60 4 $158.50 4 $60 5 $192.50 5 $60 6 $232.50 6 $60 7 $281.00 7 $60 8 $341.00 8 $60 Refer to Table 14-13. What is the economic profit at the profit maximizing point for this firm? a. $187.50 b. $139 c. $39 d. $121.50
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost....
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total...
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total Revenue Marginal Cost 1 $20 $10 2 10 3 70 10 4 80 10 5 85 10 6 88 10 7 90 10 50
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change...
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
The figure below shows the revenue and cost curves for a profit-maximizing monopolist. Based on the...
The figure below shows the revenue and cost curves for a profit-maximizing monopolist. Based on the figure, the monopolist will produce Figure 8-1 1 1 Price -- ---- ! MR Q, Q Qz Quantity between Q1 and Q2 units of output Q1 units of output between Q2 and Q3 units of output Q2 units of output Q3 units of output
QUESTION 3 Marginal Revenue ($) Marginal Cost (5) Revenue (5) Table: Profit-Maximizing Monopolist Price Quantity Total Average ($) (Units) Cost ($) Cost ($) 11 6 17 10 7 19 9 8 21 8 9 23 17 10 25 Reference: Ref 13-2 (Table: Profit-Maximizing Monopolist) Refer to the table. The profit-maximizing quantity for this monopolist is units O A7 OB.9 OC. 10 D.8
marginal revenue A monopolist maximizes profit by choosing the quantity at which marginal revenue equals at that quantity because the demand curve is above the marginal-revenue curve. Profit equals mulitplied by the profit-maximizing quantity Price is and marginal cost average variable cost average cost marginal revenue. A monopolist maximizes profit by choosing the quantity at which marginal revenue equals Price is at that quantity because the demand curve is above the marginal-revenue curve. Profit equals the difference between the price...
The following table shows demand and marginal cost for a monopolist. Calculate marginal revenue (MR) at each quantity. (Enter your response as an integer.) Output (units) (Q) Price per Unit (P) Marginal Revenue Marginal (MR) Cost (MC) 0 10 9 1 2 8 2 3 7 3 4 6 4 5 5 5 A profit-maximizing monopolist will produce units and set a price of $
The table below shows the marginal revenue and costs for a monopolist. Demand, Costs, and Revenues Price Quantity Marginal Revenue (dollars) Demanded (dollars) $130 200 $110 120 300 90 110 400 70 100 500 SO 90 600 30 80 700 10 Marginal Cost Average Total Cost (dollars) dollars) $25 $139.00 32 103.30 40 87.50 50 8 0.00 62 77.00 77 7 7.00 What is the monopolist's profit at the profit maximizing level of output? $10,000 $50,000 $80,000 $0
Figure: The Profit-Maximizing Output and Price Price, cost, marginal revenue of diamond $1,000 800 600 400 200 C MC -200 -400 8 10 16 20 Quantity of diamonds Reference: Ref 13-17 (Figure: The Profit-Maximizing Output and Price) Look at the figure The Proht-Maximizing Output and Price. Assume that there are no fixed costs and AC MC-$200. At the profit-maximizing output and price for competitor perfectly competitive industry, consumer surplus is: $6,400 O $1.600. o$0. С $3,200.
A profit-maximizing monopolist will continue expanding output as long as: o marginal revenue exceeds marginal cost. o marginal revenue is positive. o the cost of producing an additional unit exceeds the marginal revenue derived from the unit. o economic profit is more than zero.
(Table: Monopolist) Refer to the table. What is the monopolist's profit-maximizing level of output? Output Total Revenue Marginal Cost 1 $20 $10 2 10 3 70 10 4 80 10 5 85 10 6 88 10 7 90 10 50
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
The figure below shows the revenue and cost curves for a profit-maximizing monopolist. Based on the figure, the monopolist will produce Figure 8-1 1 1 Price -- ---- ! MR Q, Q Qz Quantity between Q1 and Q2 units of output Q1 units of output between Q2 and Q3 units of output Q2 units of output Q3 units of output
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