ECO101H1 Lecture Notes - Marginal Revenue
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A monopolist faces the following demand and cost schedules
Quantity |
Price |
Total Revenue |
Marginal Revenue |
Total Cost |
Marginal Cost |
7 |
$20 |
$36 |
|||
8 |
19 |
45 |
|||
9 |
18 |
54 |
|||
10 |
17 |
63 |
|||
11 |
16 |
72 |
|||
12 |
15 |
81 |
A. Complete the blanks in the table above
B. How much output should the monopolist produce?
C. What price should the firm charge?
D. What is the maximum amount of profit that the firm can earn?