Numbers and Graphs: Chapter 10 100 90 90 PRICE (Dollars) 80 80 70 60 + 50 40 30 20 20 10 10 0 0 20 20 Demand 40 40 60 80 100 120 140 160 180 200 QUANTITY (Units) Revenue Lost Revenue Gained This monopolist's marginal revenue equals $ (Hint: Enter the negative sign, if necessary.)
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- Help me pleaseQuestion Maxin Suppose a monopolist could charge a different price to every customer based on how much he or she were willing and able to pay (versus charging the same price to all their customers). How would this affect the monopolist's profits? Why? Description Answer eacho Use the editor to format your answer 10 RointsFigure 94 Monopolist (dollars) 10 8 6 0 Quantity MC Refer to Figure 94. Suppose that the profit-maximizing/loss minimizing level of output is 40 units per day and the average fixed cost and average variable cost of producing this amount is $4 $7, respectively. (a) What is the total cost of producing 40 units per day? Show your work. (b) What is the total profit earned/loss incurred by producing 40 units per day? Show your work. (c) What price will the firm charge to maximize profit or minimize loss? (d) Should the firm shut down or continue to produce in the short run? Explain.
- Dreher's Designer Shirt Company, a monopolist, has the following cost and revenue information. What is the marginal revenue from selling the 5th shirt? COSTS Quantity Produced ($) 1 2 3 4 5 6 7 8 $120 Total Cost Marginal $110 100 140 184 230 280 335 395 475 575 Cost REVENUES Quantity Demanded ($) 0 1 2 3 4 5 6 7 8 Price 170 160 150 140 130 120 110 100 95 Total Revenue Marginal RevenueRefer to the graph shown of a profit-maximizing monopolist: $100 $90 MC $80 $70 $60 $50 Price, cost, revenue D 7000 14000 21000 12000 Question: What is the monopolist's economic profit(loss) at the profit-maximizing level of output? O-$280,000 O $0 $140,000 $840,000 O -$140,000 0 /AC MRMultiple Choice pervey $10 for its product. $12 for its product $16 for its product. $8 for its product.
- Please refer to th graph attached. The graph shows the Demand, Marginal Revenue, Average Total Cost, Average variable Costs and Marginal Cost curves for a monopolist. (a) What is the profit maximizing/ loss minimizing quantity of output and what is the maximum price the monopolist can charge? (b) Is this monopolist making economic profit or economic loss? How do you know? Explain please. (c) Calculate the firms profit or loss and show the economic profit/loss on the graph.Ruth’s Rubies is a single-price monopolist in the market for rubies. Compare the combined outcome of the price effect and quantity effect to the value you calculated for MR when the price decreases from $200 to $100 Price of a Ruby Quantity of Rubies Demanded Total Revenue Marginal Revenue $500 0 400 1 300 2 200 3 100 4 0 5C Answer the next question(s) Demand Data Price $5.50 5.00 4.50 3.85 3.35 2.90 2.50 Quantity demanded C. $3.35. D. $4.50. 5769CAW 4 8 on the basis of the following demand and cost data for a pure monopolist: Cost Data Output 3456789 Total cost $5 6 6.50 7.50 9 11 14 38. Refer to the above data. The profit-maximizing price for the monopolist will be: A. $5.00. B. $2.90.
- Andrew is a monopolist whose production process exhibits economies of scale. (a) Draw a diagram illustrating Andrew's profit-maximizing price and quantity. On your diagram, identify the deadweight loss of monopoly. (b) The government is concerned that Andrew is charging too high a price and plans to regulate the price. Hustrate the price regulation you would recommend on your diagram and explain your recommendation. (c) What is the maximum amount of money Andrew would be willing to spend lob- bying the government to avoid the price regulation you identified in (b)? 2.90 80 MC 65 55 52 50 ATC D MR 10 20 35 45 50 Quantity of Output (Units) Refer to the graph above for a pure monopolist: The total profit (loss) for this monopolist is: ($525) $100 $525 $175 Dollars ($)1000 900 $00 700 600 500 400 300 200- 100 MC ATC MR 5 10 15 20 25 30 35 40 Quantity Refer to the above figure. What price and quantity pair in the figure above will the monopolist choose? a. P = $15; Q = 400 b. P $400; Q = 25 C. P = $500; Q = 25 d. P= $700; Q = 15