BIOL 2070 Lecture Notes - Lecture 7: Profit Maximization, Marginal Cost, Average Variable Cost

• School: University of Windsor
• Department: Biological Sciences
• Course: BIOL 2070
• Professor: Professor Noel

Document Summary

Choose the one alternative that best completes the statement or answers the question. 1) profit- maximizing level of output, it will generate a total profit represented by. Figure 10 - 4: the sum of areas a through k, areas a+b+c+f+g, areas b+c+f+g+h+i, areas d+e, none of the above. A profit- maximizing single- price monopolist would charge the price: p4, p3, p0, p1, p2. Assume this pharmaceutical firm is practicing perfect price discrimination. At its profit- maximizing level of output it will produce. Answer: a: if a monopolist"s marginal revenue is mr = 12 - 2q and its marginal cost is mc = 3, then the. Answer: c: 4, 4. 5, 6, 12, suppose you go to a retailer"s website and print a coupon that gives you a discount on your next purchase at their store. But your friend, who also plans to purchase there, can"t be bothered.