ACTG 2010 Lecture : 10 Monopoly.doc
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As compared to an otherwise identical perfectly competitiveindustry, in a monopoly, price will be ________, and output will be________.
lower; lower |
It depends on the particular industry. |
higher; higher |
lower; higher |
higher; lower |
Suppose that marginal product tripled while product price fellby one-half in the table below.
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $2 | $0 | ||
1 | 7 | 7 | 2 | 14 | $14 |
2 | 13 | 6 | 2 | 26 | 12 |
3 | 18 | 5 | 2 | 36 | 10 |
4 | 22 | 4 | 2 | 44 | 8 |
5 | 25 | 3 | 2 | 50 | 6 |
6 | 27 | 2 | 2 | 54 | 4 |
7 | 28 | 1 | 2 | 56 | 2 |
What would be the new values in the table?
Unitsof Resource | TotalProduct (Output) | Marginal Product (MP) | Product Price | TotalRevenue | Marginal Revenue Product |
0 | 0 | $ | $0 | ||
1 | $ | $ | $ | ||
2 | $ | $ | $ | ||
3 | $ | $ | $ | ||
4 | $ | $ | $ | ||
5 | $ | $ | $ | ||
6 | $ | $ | $ | ||
7 | $ | $ | $ |
What would be the net impact on the location of the resource demandcurve given below?