SCC PortalGuard - SCC Portal Lc x Assignments: Microeconomics Chapter 10 HW Ewconnect.mheducation.com/flow/connect.html r 10 HW Saved Hel reset (b) What is the profit-maximizing rate of output and price for a monopolist? How much total profit does the monopolist make? eBook Instructions: Enter your responses as a whole number. Print Profit-maximizing rate of output: cars References Price for a monopolist: $ How much profit does the monopolist make? Total profit $ (c) If the monopolist can price discriminate, how many cars will he sell? car(s) (d) How much total profit will he make? %24 Mc Graw < Prey 4 of 9 Next Next > Education BELL Ce 24 3. 4. *00 D. 70000 60000 MR 50000 00000 00008 20000 MC 10000 -10000 -20000 -30000 -40000 -50000 Output (units per period) < Prev 4 of 9 DOLL Price or Cost (dollars per unit)

SCC PortalGuard - SCC Portal Lc x Assignments: Microeconomics Chapter 10 HW Ewconnect.mheducation.com/flow/connect.html r 10 HW Saved Hel reset (b) What is the profit-maximizing rate of output and price for a monopolist? How much total profit does the monopolist make? eBook Instructions: Enter your responses as a whole number. Print Profit-maximizing rate of output: cars References Price for a monopolist: $ How much profit does the monopolist make? Total profit $ (c) If the monopolist can price discriminate, how many cars will he sell? car(s) (d) How much total profit will he make? %24 Mc Graw < Prey 4 of 9 Next Next > Education BELL Ce 24 3. 4. *00 D. 70000 60000 MR 50000 00000 00008 20000 MC 10000 -10000 -20000 -30000 -40000 -50000 Output (units per period) < Prev 4 of 9 DOLL Price or Cost (dollars per unit)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 29CTQ: Imagine that you ale managing a small firm and thinking about entering the market of a monopolist....

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Imagine that you ale managing a small firm and thinking about entering the market of a monopolist. The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10 less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monopolist might react?
When a monopolist identifies its profit-maximizing quantity of output, how does it decide what price to charge?
b bMy Question X WMonop HW X Σ Σ G + f G Office Editing for Docs, Sheets & Slides chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/... The quantity has been found for you by finding where MC-MR. The monopolist sets price by charging as high as demand will bear at that quantity. So once the quantity has been found, go upon the dotted is the price. Total Revenue is PxQ, Total costs are found by finding the average cost and multiplving by O. ATC AVC 100 100 MR What is the optimal quantity? What is the price? What is Total Revenue? What is Total Cost? What is Total Variable Cost? What is Total Fixed Cost? [Hint: Average fixed cost is the vertical distance between the ATC and AVC curves at the optimal Q.] Is there a profit or a loss? How much? 8 11:02
The following table refers to information about a monopolist. The demand and total cost schedules for the monopolist are presented. Quantity 1 2 34 5 6 7 ܒܢ Calculate the marginal revenue from selling the 4th unit of output. Express your answer without units (e.g., if your answer is "$400", write "400" in the answer box). Type your answer... W 3 LU E a $ 4 R ddelddeelala www 000 6 Sº % Price $30 $28 $26 $24 $22 $20 $18 5 T 6 MacBook Pro Y & 7 A U * 00 8 1 Total cost $10 $20 $30 $40 $50 $60 $70 W 9 P O O T a
The graph below shows the demand and marginal cost curves for the monopolist Mr. Peanut. a. Draw the marginal revenue curve. Plot only the endpoints of the graph below. Costs and revenues 140 120 100 80 60 40 20 0 10 20 30 40 Quantity per period 50 60 D MC Tools marginal revel b. What are the values of the profit-maximizing output and price? Output: Price: $ c. What are the values of output, price and total revenue when the firm's total revenue is maximized? Output: Price: $ Total revenue: $
C. The following table shows a monopolist's demand curve and cost information for the production of its good. What quantity will it produce? What will its profits be? Quantity Price per Unit Total Cost 10 $10 $20 20 $8 $50 30 $6 $65 40 $4 $90 50 $2 $120
Graph the following: The area of economic profit for a monopolist
The graph below shows the demand and marginal cost curves for the monopolist Mr. Peanut. a. Draw the marginal revenue curve. Plot only the endpoints of the graph below. Costs and revenues 140 120 100 80 60 40 20 0 10 20 30 40 Quantity per period 50 60 D MC Tools marginal revel O M
Refer 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 -$140,000 0 /AC MR
Dreher's Designer Shirt Company, a monopolist, has the following cost and revenue information. What is the marginal revenue from selling the 5th shirt? COSTS Quantity Produced ($) 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 Revenue
Use the following demand schedule for a monopolist to calculate total revenue and marginal revenue. for each price, indicate whether demand is elastic, unit elastic, or inelastic. Using the data from the demand schedule, graph the demand curve, the marginal revenue curve and the total revenue curve. identify the elastic, unit elastic and ineleastic segments along the demand curve. PRICE QTY DEMANDED TOTAL REVENUE TR Calc MARGINAL REVENUE MR Calc 8.00 0 ----- ----- 6.50 1 4.00 2
2 The following table shows a monopolist’s demand curve and cost information for the production of its good. What price will it charge? Quantity Price/unit TR MR Total Cost MC Profit 25 $10 $250 --- $110 --- $140 30 $9 $270 $4 $125 $3 $145 35 $8 $280 $2 $130 $1 $150 40 $7 $280 $0 $140 $2 $140 A$9 B$10 C$8 D$7