ECON 1BB3 Chapter Notes - Chapter 1: Renault K-Type Engine, Junkers D.I, Horse Length
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6 Apr 2014
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A monopolist has the following fixed and variable costs:
Price | Quantity | Fixed Cost | Variable Cost | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue |
$10 | 0 | $8 | $0 | ||||
$9 | 1 | $8 | $5 | ||||
$8 | 2 | $8 | $8 | ||||
$7 | 3 | $8 | $10 | ||||
$6 | 4 | $8 | $11 | ||||
$5 | 5 | $8 | $13 | ||||
$4 | 6 | $8 | $16 | ||||
$3 | 7 | $8 | $20 | ||||
$2 | 8 | $8 | $25 |
Complete the above table.
What is the lowest price at which this firm would operate in the short run?
Quantity | Total cost $ |
0 | 2 |
1 | 7 |
2 | 10 |
3 | 11 |
4 | 18 |
5 | 27 |
6 | 38 |