Table 15-9Consider the following demand and cost information for a monopoly.QuantityTotal Cost$6$20$34$48$62$761012314QUESTION 3015Refer to Table 15-9. What is the marginal revenue of the 3rd unit?O a. $20b. $28O c. $4O d. $12Price$32$28$24$20$16$12QUESTION 31The fundamental source of monopoly power isO a. rising average total costs.O b. low fixed costs.O c. barriers to entry.O d. many buyers and sellers.

Total revenue is the product of price and quantity. Marginal cost is the cost of producing an…

Table 15-9 Consider the following demand and cost information for a monopoly. Quantity Total Cost $6 $20 $34 $48 $62 $76 10 11 2 3 14 QUESTION 30 15 Price $32 $28 $24 $20 $16 $12 Refer to Table 15-9. What is the marginal revenue of the 3rd unit? O a. $20 O b. $28 O c. $4 O d. $12

Table 15-9 Consider the following demand and cost information for a monopoly. Quantity Total Cost $6 $20 $34 $48 $62 $76 10 11 2 3 14 QUESTION 30 15 Price $32 $28 $24 $20 $16 $12 Refer to Table 15-9. What is the marginal revenue of the 3rd unit? O a. $20 O b. $28 O c. $4 O d. $12

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Q24 and q25
PRICE (Cents per Kilowatt-hour) 5 MR 2 QUANTITY (Thousands of kilowatt-hours) ATC MC 10 O True Which of the following statements are true about this natural monopoly? Check all that apply. O False D The electricity company must own a scarce resource. It is more efficient on the cost side for one producer to exist in this market rather than a large number of producers. Monopoly Outcome In order for a monopoly to exist in this case, the government must have intervened and created it. The electricity company is experiencing economies of scale. ? True or False: Without government regulation, natural monopolies can earn positive profit in the long run.
Refer to Table 1. Over which range of output is average revenue equal to price? Table 1 OO Quantity Price $5 $5 $5 $5 $5 $5 $5 $5 $5 $5 2 3 4 5 6 7 9 1 to 5 units 3 to 7 units 5 to 9 units 1 Average revenue is equal to price over the entire range of output.
2. Given the following diagram, answer the questions. a) What is the price and quantity for monopoly? b) What is the price and quantity for perfect competition? c) Calculate the consumer surplus under perfect Price/Cost 30 competition. d) Calculate the consumer surplus under monopoly. e) Calculate the profit taken away as the profit but the firm. 20 f) What is the deadweight loss due to rent seeking? MC-AC 10 MR 50 100 Quantity
Exhibit 9-4: A Monopoly Total Quantity Total Fixed Variable Price Demanded Cost Cost $100 $20 $0 ts 90 1 $20 20 80 $20 48 70 $20 78 ments 60 4 $20 110 50 $20 150 Refer to Exhibit 9-4. At an output level of 4 units, the monopolist earns a total profits of about Tutoring $112.00 shboard $118.00 $110.00 O $120.00 erts
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A Monopoly: Select one: O a. faces a downward sloping demand curve O b. None of the provided answers is correct O c. is a price taker O d. maximizes profit by setting Price equal to marginal cost
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Suppose that a cinema that has a monopoly in a small town plans to increase their capacity from 20 to 21 seats and decrease the ticket price from $16 to $15. Marginal revenue for the twenty first ticket is: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $5 b -$5 $31 d -$31 e $15 f -$15 $16 -$16
20. A natural monopoly occurs when one firm can supply the entire market more cheaply than can a number of firms. b. results from decreasing returns to scale. o. is a monopoly in the production of raw materials. d. is one result of a patent. a. 100G O
Answer Q 4
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