ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Consider the following options A to E. Each option relates to an individual firm operating under
a certain market structure.
OPTION Marginal Average Average
cost
10
9
18
14
20
A
B
C
D
E
cost
10
12
15
9
25
revenue
10
12
20
20
20
Marginal
revenue
10
12
15
14
10
(1) Which option indicates a short run equilibrium output for a profit maximising monopolist?
(ii)Write down ALL the options that indicate that a firm is making excess profits.
114
(iii) Write down ALL the options that indicate that the firm could expand its output and increase
its profits?
(iv) Write down ALL the options which could correspond to a firm operating in a perfectly
competitive environment.
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Transcribed Image Text:Consider the following options A to E. Each option relates to an individual firm operating under a certain market structure. OPTION Marginal Average Average cost 10 9 18 14 20 A B C D E cost 10 12 15 9 25 revenue 10 12 20 20 20 Marginal revenue 10 12 15 14 10 (1) Which option indicates a short run equilibrium output for a profit maximising monopolist? (ii)Write down ALL the options that indicate that a firm is making excess profits. 114 (iii) Write down ALL the options that indicate that the firm could expand its output and increase its profits? (iv) Write down ALL the options which could correspond to a firm operating in a perfectly competitive environment.
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