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34. Refer to exhibit 10.3, located at the end of the exam. At the profit maximizing (or loss minimizing) position, the monopolist should produce a. 1400. b. 750. c. 600. d. 500. e. 0.

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Related questions

35. Refer to exhibit 10.3. At the profit maximizing (or loss minimizing) level of output the monopolist will earn sufficient revenue to cover its variable cost plus what portion of its fixed cost? a. All fixed cost, with some left over profit. b. Two thirds. c. One third d. None.

Suppose a uniform pricing monopolist's price equation is P(Q) = 120 รขยˆย’ Q; the uniform pricing monopolist's marginal revenue is MR(Q) =120 รขยˆย’ 2Q; the uniform pricing mo- nopolist's total cost is C(Q) = Q2+40+40Q+150; and the uniform pricing monopolist's marginal cost is MC(Q) = 2Q + 40.

a) Solve for the pro t-maximizing (or loss minimizing) quantity (Q*). (b) Solve for the pro t-maximizing (or loss minimizing) price (P*).

(c) Should the uniform pricing monopolist produce Q*? Explain. (d) Does the uniform pricing monopolist make a pro t? Explain.

(e) How much pro t (or loss) does the uniform pricing monopolist make?

Which of the following is true for a monopolist?

a. Marginal revenue is less than the price charged.

b. Economic profit is possible in the long-run.

c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost.

d. All of the above answers are correct.

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