Total Output 1 2 3 4 5 6 7 8 9 10 Multiple Choice O O Price $100 O Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing 3 units. 4 units. 5 units. 90 80 70 60 50 40 30 20 10 6 units. Marginal Revenue $ 100 80 60 40 20 0 -20 -40 -60 -80 Average Total Cost $ 100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 Marginal Cost $30 26 32 40 50 52 66 80 100 130

Total Output 1 2 3 4 5 6 7 8 9 10 Multiple Choice O O Price $100 O Refer to the data for a nondiscriminating monopolist. This firm will maximize its profit by producing 3 units. 4 units. 5 units. 90 80 70 60 50 40 30 20 10 6 units. Marginal Revenue $ 100 80 60 40 20 0 -20 -40 -60 -80 Average Total Cost $ 100.00 63.00 52.67 49.50 49.60 50.00 52.29 55.75 60.67 67.60 Marginal Cost $30 26 32 40 50 52 66 80 100 130

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exhibit 10-4 $/0 MC ATC 24 /t 10 The non-discriminating monopolist in Exhibit 10-4 should: O Produce 10 units at a price of $36 per unit. O Produce 10 units at a price of $24 per unit. O Produce 10 units at a price of $40 per unit. O Produce 15 units at a price of $32 per unit. O We cannot determine what the firm should do without knowing its average variable cost.
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1. How much total revenue does the monopoly firmmake? 2. How much total cost does the monopoly firm incur? 3. How much total profit does the firm make?
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What is the economic profit for this profit-maximizing monopolist? ATC MC a 30 Profit 22 MR 120 Output O $960 O $544 O $1,980 O $872 Price and Cost ($)
5 int ences $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 0 N MR units MC Quantity D 4 5 6 7 8 9 10 11 Tools DWL Instructions: In parts a and b, enter your answers as a whole number. In parts c-e, round your answers to two decimal places. a. What is the profit-maximizing level of output? b. What price will the monopolist charge to maximize profits? $ CS c. Determine the efficiency costs (deadweight loss) of monopoly output/pricing. Instructions: Use the tool provided 'DWL' to illustrate this area on the graph. Drag the points to move or resize. What is the efficiency cost (deadweight loss) of monopoly output/pricing? d. Determine the consumer surplus under monopoly output/pricing. Help Save & Exit Submit
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MC ATC AVC 8. MR 4 10 12 Quantity (units per day) The figure above represents a monopoly. This monopolist earns an economic profit of $ per day. 8.00 24.00 32.00 O 16.00 Price and costs (dollars per unit) 2.
This kind of firm operates in a small market with possibly 4 or 5 other firms, and sells a product that is the exact same product that other firms are selling. Monopolist O Oligopolist Perfect competitive firm Monopolistic competitive firm P 3 a 4 OO % 5 m 6 & 7 A 8 W P 9 s O 7
XYZ company uses a technology for producing its good. This enables the firm to meet the entire market demand at a lower price than its two competitors. What factor makes XYZ company a monopolist? O a. All of these O b. a legal barrier to entry. O c. Knowledge of exclusive production techniques O d. increasing average total costs.