ECO100Y1 Lecture : Q3 Percentage, not Actual (Medium)
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The following table shows the maximum amount five potential car buyers are willing to pay for each level of sales. Suppose that the cars are being sold by a car dealer operating as a monopoly (perhaps because there are no other car dealers in the market).
Maximum Amount He or She Would Pay for the Car | |
Buyer 1 | $40,000 |
Buyer 2 | $35,000 |
Buyer 3 | $30,000 |
Buyer 4 | $25,000 |
Buyer 5 | $20,000 |
a) If the price of the car is $30,000, the revenue will be $............thousand.
b) If the marginal cost of each car is $20,000. The monopolistic car dealer will want to sell 3 cars and the price will be $................. thousand.
c) In a perfectly competitive market, the number of cars sold would be 5 cars.