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ECON 2000 : Finalecon2000pract

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azuremammoth471
15 Mar 2019
School
LSU
Department
Economics
Course
ECON 2000
Professor
All

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Document Summary

Consider the following demand and cost information for a monopoly. The marginal revenue of the 2nd unit is: , , , . The maximum profit this monopolist can earn is: , , , . Ans: d: store clerks are known to have low wages. What is the marginal cost of the 5th unit: , , , . What is the total revenue from selling 4 units: , , , . What is the marginal revenue from selling the 1st unit: , , , . What is the average revenue when 4 units are sold: sh, . Measures of cost for very brady poster factory. What is the marginal cost of producing the 1st poster: . 00, . 00, . 00, it can"t be determined from the information given. The average variable cost of producing 4 posters is: . 00, . 50, . 33, . 00. The total cost of producing 1 poster is.

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Related Questions

Table 15-10 The monopolist faces the following demand curve:

Price Quantity
$10 5
$9 10
$8 16
$7 23
$6 31
$5 45
$4 52
$3 60

Refer to Table 15-10. If the monopolist has total fixed costs of $40 and a constant marginal cost of $5, what is the profit-maximizing level of output?

  A. 23 units  
  B. 16 units  
  C. 31 units  
  D. 7 units

This table shows the demand schedule, marginal cost, and average total cost for a monopolistically competitive firm.

Quantity

Price

Marginal Cost

Average Total Cost

0

$50

--

--

1

$45

$30

$40

2

$40

$24

$32

3

$35

$14

$26

4

$30

$10

$22

5

$25

$12

$20

6

$20

$32

$22

7

$15

$50

$26

8

$10

$74

$32

9

$5

$104

$40

10

$0

$140

$50

Refer to Table 16-4. How much profit will this firm earn when it chooses its output to maximize profit?

  a.

an $8 profit
  b.

a $12 loss
  c.

a $25 profit
  d.

a $32 profit

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?