he demand (downward sloping line) and marginal cost (upward sioping curve) of a monopolist are shown. Use the segment tool to add a marginal revenue curve to the graph. Then, use the point tool to indicate the monopolist's profit maximizing price/quantity combination. Segment Point * Undo * Redo x Reset 10 10 guantity

he demand (downward sloping line) and marginal cost (upward sioping curve) of a monopolist are shown. Use the segment tool to add a marginal revenue curve to the graph. Then, use the point tool to indicate the monopolist's profit maximizing price/quantity combination. Segment Point * Undo * Redo x Reset 10 10 guantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Sol-Motors is the only auto manufacturer in West Lidia, a country that prohibits the importation of cars. The graph below shows the demand and the costs for Sol-Motors. Costs and revenues (in thousands) 130 120 110 100 90 80 70 60 50 40 30 20 10 0 Price: $ 15. 45 75 9010512013550165180195 30 60 Quantity per period (in thousands) MC D thousands a. Add the marginal revenue curve to the graph above (starting at zero). Plot only the end points. b. What are Sol-Motors' profit-maximizing output and price? Output: thousands Tools MR K c. Suppose that the government of Lidia imposes a price ceiling of $35,000 per car. What is the firm's profit-maximizing output now? Profit-maximizing output: thousands d. What would be the output if the graph represented a perfectly competitive industry rather than a monopoly? Output: thousands
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