According to the graph above, the revenue received by the profit-maximizing monopolist for producing 15 units of output is
|
a. |
$900. |
d. |
$100. |
|
b. |
$600. |
e. |
$450. |
|
c. |
$300. |
||
Homework Answers
Answer 60
In order to maximize profit a monopolist produces that quantity at which MR = MC
We can see from above that MR = MC when Quantity(Q) = 15 units.
from demand curve we can say that consumers are willing to pay 60 per unit. Thus Monopolist will charge Price = 60
Total revenue = Price*quantity
Thus, Total revenue received at a profit maximizing output = Price*quantity = 60*15 =900
Hence, the correct answer is (a) $900
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