(Table: Profit-Maximizing Monopolist) Refer to the table. When this monopolist sells 8 units, its average cost and marginal cost per unit levels are:Price ($)Quantity (Units)Total Cost ($)Average Cost ($)Average Revenue ($)Marginal Cost ($)Marginal Revenue ($)11 6 17 10 7 19 9 8 21 8 9 23 7 10 25 $2.63 and $2, respectively. $2.63 and $4, respectively. $2.56 and $4, respectively. $2.56 and $2, respectively.

Answered: (Table: Profit-Maximizing Monopolist)…

The formulae used in the following table are:Total Revenue = Price * QuantityMarginal Revenue =…

Price ($)

Quantity (Units)

Total Cost ($)

Average Cost ($)

Average Revenue ($)

Marginal Cost ($)

Marginal Revenue ($)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Table: Profit-Maximizing Monopolist) Refer to the table. When this monopolist sells 8 units, its average cost and marginal cost per unit levels are:

	$2.63 and $2, respectively.
	$2.63 and $4, respectively.
	$2.56 and $4, respectively.
	$2.56 and $2, respectively.

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