Homework Answers
Answer
a)
the firm produces at MR=MC
where
Q=100 units and P=10.00 from the demand curve
b)
total revenue =P*Q=10*100=1000
total cost =ATC*Q=7*100=$300
c)
Economic profit =(P-ATC)*Q=(10-7)*100=300
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Response Questions Part A To C Answer the following questions on the basis of the monopolist's situation illustrated in...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
pleaser answer all four questions. thank you. 10 MC 8 Price and costs (dollars per unit)...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
help. agricultural economic 2. Use the following graph to answer the following questions: P/ MC ATC...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow:...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Examine the graph below, which belong to a monopolist, and then answer the questions that follow:...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
1. Miller 2. Suppose you are given the graphical summary of a monopolist below. Answer the following questions usin...
1. Miller 2. Suppose you are given the graphical summary of a monopolist below. Answer the following questions using this information Dollars 300 400 480 МА (a) The optimal short-term output level for the monopolistis (b) At the optimal level of output, marginal cost is (c) At the optimal level of output, total cost is (d) At the optimal level of output.price is and total revenue is (e) The monopolist is eaming a (profit, loss) of in the given situation....
Use the following diagram to answer questions 42 to 44 MC WR Quy 42 Unregulated Monopoly...
Use the following diagram to answer questions 42 to 44 MC WR Quy 42 Unregulated Monopoly price will be: Ae B. c. C. b. D. a. 43 Socially Optimal Price will be A. e. Bc. C. b. D. a. 44 The given diagram describes that in equilibrium, monopolist A Will earn profits C. Will incur losses B. Will earn normal profits D. Profits or loss can't be determined Use the following diagram to answer question 45 and 46 $ с...
Instructions Answer these 3 scenarios. Here is a handout Scenario #1 Scenario #2 Scenario #3 Suppose a price-discrimin...
Instructions
Answer these 3 scenarios. Here is a handout
Scenario #1
Scenario #2
Scenario #3
Suppose a price-discriminating monopoly has segregated its
market into two sub-markets (Market 1 and Market 2) and can prevent
resale between the two. Assume that its marginal cost
is $10 and equal to its average total
cost of $10. The firm's demand schedule for the first
group is given by the first two columns of the table.
Market 1
Market 2
Output
Price
Total Revenue...
please answer all questions! Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue...
please answer all questions!
Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue Refer to Figure 15-6. What is the deadweight loss caused by a profit-maximizing monopoly? O O $150 $200 $250 Os300 A monopolist faces market demand given by P - 60 - Q. For this market, MR = 90 - 2Q and MC - Q. What price will the monopolist charge in order to maximize profits? O $20 O $30 O so Osso In Canada,...
Use Figure 1 to answer questions 1-2. Figure 1 Dollars ATC Output 100 150 180 210 1 Which price corresponds to the breakeven point on the graph? 2. Which price corresponds to the shut-down point on the graph? Use Figure 2 to answer questions 3-5. Figure 2 Dollars MC ATC AVC Output 100 150 180 210 Assume that the market price is $25. 3. Should the firm produce or shutdown? Why? 4. What is the firm's profit maximizing output level?...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
help. agricultural economic
2. Use the following graph to answer the following questions: P/ MC ATC /AVC MR 20 2528 50 a. What price is charged by the monopol order to maximize profits? b. Calculate the total revenue accruing to the mo- nopolist at the profit-maximizing output. C. Calculate the total cost to the monopolist at the profit-maximizing output. d. Calculate the profit for the monopolist. e. Calculate the total variable and fixed costs of the monopolist at the profit-maximizing...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
1. Miller 2. Suppose you are given the graphical summary of a monopolist below. Answer the following questions using this information Dollars 300 400 480 МА (a) The optimal short-term output level for the monopolistis (b) At the optimal level of output, marginal cost is (c) At the optimal level of output, total cost is (d) At the optimal level of output.price is and total revenue is (e) The monopolist is eaming a (profit, loss) of in the given situation....
Use the following diagram to answer questions 42 to 44 MC WR Quy 42 Unregulated Monopoly price will be: Ae B. c. C. b. D. a. 43 Socially Optimal Price will be A. e. Bc. C. b. D. a. 44 The given diagram describes that in equilibrium, monopolist A Will earn profits C. Will incur losses B. Will earn normal profits D. Profits or loss can't be determined Use the following diagram to answer question 45 and 46 $ с...
Instructions
Answer these 3 scenarios. Here is a handout
Scenario #1
Scenario #2
Scenario #3
Suppose a price-discriminating monopoly has segregated its
market into two sub-markets (Market 1 and Market 2) and can prevent
resale between the two. Assume that its marginal cost
is $10 and equal to its average total
cost of $10. The firm's demand schedule for the first
group is given by the first two columns of the table.
Market 1
Market 2
Output
Price
Total Revenue...
please answer all questions!
Figure 15-6 Price $20+ Marginal Cost 100 150 200 Quantity Marginal Revenue Refer to Figure 15-6. What is the deadweight loss caused by a profit-maximizing monopoly? O O $150 $200 $250 Os300 A monopolist faces market demand given by P - 60 - Q. For this market, MR = 90 - 2Q and MC - Q. What price will the monopolist charge in order to maximize profits? O $20 O $30 O so Osso In Canada,...
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