Question 14 Refer to the figure below. The total cost of production is: 18 MC1 16...

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Question

Question 14 Refer to the figure below. The total cost of production is: 18 MC1 16 14 12 10 АТСТ 8 6 AVC1 4 2 MR 10 20 30 40 5

Answer 1

Answer #1

TC=AC*Q

A monopolist is maximizing profits when MR=MC

Optimal price=$12

Optimal quantity=40

AC=10

TC=10*40

TC=400

Answer-$400

Answer 2

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