Homework Answers
Ans: Profit
Explanation:
In the above diagram, equilibrium occurs where MR = MC. Equilibrium quantity is 50and price is $30. From the diagram it is seen that:
TR = area ABEF
TC = area CDEF
Profit = TR - TC = ABEF - CDEF = ABDC
Thus, option [C] is correct answer.
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#1 1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70...
#1
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Exhibit 10.5 Exhibit 10.5 shows the demand, marginal revenue, and cost curves for a monopolistic competitor....
Exhibit 10.5
Exhibit 10.5 shows the demand, marginal revenue, and cost curves
for a monopolistic competitor. The monopolistic competitor's
profit-maximizing level of output is _____.
A) 137.5 units
B) 75 units
C) 125 units
D) 100 units
E) 150 units
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Figure 01. Cost and Demand for a Monopolistic Competitor Price $15.00 --- $10.00 --- — АС MC Imre 11 Demand curve...
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orate A Prof-Maximizing Monapolistic Compeditor Margihel Co hail 50 41 40 35 A Aveage Co 25 C Price () 20 10 Deand ics E Marginal Revene -20 100 110 0 0 10 20 30 40 dents The graph above shows the costs, revenue, and demand facing a monopolistically competitive firm. Refer to the graph to answer the question below The area covered by the rectangle C DEF is the firm's: Total Revenue Total cost Profit Marginal Cost
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#1
1. A firm has the following demand and total cost schedule. TR Profit MR MC O 0 10 20 30 40 50 60 P 100 90 80 70 60 50 40 TC 200 400 600 800 800 1,000 1.200 1.400 a) Is the firm a price-taker or price searcher? Explain. b) Complete the Total Revenue (TR) and Profit schedules. c) How many units of output (Q) should the firm produce to maximize profits? d) What price (P) should the...
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Use the graph to answer (A) through (F)
80 70 60 50 40 30 20 10 State the equation for the demand curve (inverse demand function) shown in the graph above using the format P-a-bQ a. b. State the equation for the demand function implied in the graph ysing the format Q-c-dP. c. Find the equation for Total Revenue, where TR is a function of output (Q) d. Find the equation for Marginal Revenue, where MR is a function of...
Exhibit 10.5
Exhibit 10.5 shows the demand, marginal revenue, and cost curves
for a monopolistic competitor. The monopolistic competitor's
profit-maximizing level of output is _____.
A) 137.5 units
B) 75 units
C) 125 units
D) 100 units
E) 150 units
Price 23 - ---- - - - - -- - 9 12 Quantin 15 MR Optimal output and price for the nondiscriminating monopolist in Exhibit 9-5 are 15 and $15 O 15 and $13 o 9 and $23 12 and...
MR Demand 10 20 30 40 50 60 70 80 Duantity Refer to Figure 15-20. The deadweight loss caused by a profit-maximizing monopoly amounts to a. $900. b. $225. c. $1,350. d. $450 Price MC 4+ F + 1 + 2 + 4 Demand 10 11 12 3 5 6 7 8 9 Quantity Refer to Figure 15-11. Which area represents the deadweight loss from monopoly? a. H b. A+B+C+D+F+I+J+H O c. S+H d. J Price MC Demand iMR: 10...
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