ECN 104 Lecture 10: Lecture 10
Document Summary
A monopoly product or exists when a single firm is the sole producer service characteristics: single. Public utilities natural gas and electric companies t water company , cable. =mc unit of output increases revenue cost so firm will increase production . additional unit of output decrease increases revenue production . less than increase in cost so firm will. 5 units of units b) what is the price. 5 units of output the monopoly the price charges ? charged is. 18 ) what is the economic profit of. Determine the the it hits the output where. Mr price demand by extending the output upward until function. Atc is the per unit profit at the given level of output. Total profit is obtained by multiplying per unit profit by the output. Competition , supply curve of firm is determined by. P=mc: monopolist has no supply curve it"s golden rule is to equate.
