15. Given the data provided in the table below, what will the marginal revenue equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $20.00 B. $15.00 C. $5.00 D. $1.00 16. Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $5.00 B. $4.00 C. $1.00 D. $3.00 17. A natural monopoly occurs when the quantity demanded is the minimum quantity it takes to be at the bottom of the long-run average cost curve. A. greater than B. less than C. equal to D. a or c above

15. Given the data provided in the table below, what will the marginal revenue equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $20.00 B. $15.00 C. $5.00 D. $1.00 16. Given the data provided in the table below, what will the marginal cost equal for production at quantity (Q) level 4? DATA TABLE QP TC TR MR MC Profit 0 $5 $9 1 $5 $10 2 $5 $12 3 $5 $15 4 $5 $19 5 $5 $24 6 $5 $30 7 $5 $45 A. $5.00 B. $4.00 C. $1.00 D. $3.00 17. A natural monopoly occurs when the quantity demanded is the minimum quantity it takes to be at the bottom of the long-run average cost curve. A. greater than B. less than C. equal to D. a or c above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the total revenues earned by the theater last month and this month (Show work please) Q2: Calculate the price elasticity of demand for large drinks. (Show work please) Q3: Is the price elasticity of demand for large drinks price elastic, inelastic, or unit (unitary)?
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Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Q1: Calculate the price elasticity of demand for large popcorn (show work) Q2: Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)? Q3: