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1. What is the profit maximizing principle for a monopolist?
a. Price=Marginal Cost
b. Marginal Revenue=Marginal Cost
c. Marginal Revenue<="" abel="" style="font-family: "Open Sans", sans-serif; text-shadow: none !important; letter-spacing: normal !important;">
d. None of the above
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- Question 3: Monopoly graph. Do parts a, b., c Draw the short-run ATC, AVC, MC, MR and Demand graphs for a monopoly market. In each part, show Total Cost (TC), Total Revenue (TR), shade the profit or loss. Clearly label Q for the equilibrium quantity point and P for market price point. a. Draw a profit situation b. Draw a loss (not shutdown) situation c. Draw a monopoly and perfectly competitive industry on the same graph space. Only show equilibrium quantity and price of monopoly (Qm and Pm) and quantity and price for a perfect competition situation denoted as (Qpc and Ppc). You do not need to identify TR, TC or shade the profit in this graph.1. Which of the following is not possible for a monopolist in the short-run? a. An economic profit b. Breaking even c. An above normal rate of return d. An economic loss e. All of the above are possible for a monopolist in the short-run 2. Which of the following is least like monopoly? a. Sony Corporation b. A natural gas utility company c. A cable tv company d. An electric utility company 3. Which of the following is most like a monopoly? a. Parker Brothers (a game company) b. The U.S. Postal Service c. Intel (a chip manufacturer) d. Motorola (an electronics firm) e. Kroger (a grocery store chain) 4. A monopolist can earn above-normal profit in the long-run. a. True b. False 5. If a monopolist cannot make an above-normal profit, entry by other firms will occur. a. True b. FalseFigure 13.9 Revenue and costs 27 24.50 21 13 # Demand MO 600 800 940 1100 MC ATC B) $11.50 C) $21 D) There is no difference. Quantity Figure 13.9 shows the demand and cost curves for a monopolist. Refer to Figure 13.9. At the profit-maximizing quantity, what is the difference between the monopoly's price and the marginal cost of production? A) $8
- 1. Using a graph, show a situation in which a monopolist is incurring short-run losses. Explain how this is possible. 2. Julee has estimated the demand and marginal revenue for her product. They are P = 100 - 2Q (quantity) and MR = 100 - 4Q, respectively. She also experiences constant marginal cost of $16. a. Does Julee have any market power? How can you tell? b. What is Julee’s profit-maximizing quantity? c. What price should Julee charge at that profit-maximizing quantity? 3. Explain a situation in which, when holding costs constant, a monopolist that was earning economic profits in the past can later incur an economic loss.The demand curve for a monopolist's product is shown. The point UD is the point along the curve where price elasticity of demand is unitary. With this information, use the straight-line tool to draw the marginal revenue curve, stretching from one axis to the other. To refer to the graphing tutorial for this question type, please click here. 4 0 Price (5) 1000 1500 1400 1300 1200 1100 1000 900 400 7:00 600 500 13 OF 15-QUESTIONS COMPLETED N Qadd See Hint SUBMIT ANSWERThe demand (downward sloping line) and marginal cost (upward sloping curve) of a monopolist are shown. Use the segment tool to add a marginal revenue curve to the graph. Then, use the point tool to indicate the monopolists profit maximizing price/quantity combination. Segment Point A Undo - Redo x Reset 10 10 quantity Price
- Help me please2) The Epson Company is a monopolist in the market and faces the demand curve shown in the figure below. The firm's marginal cost curve is MC= 100 +2Q. a. What is the firm's profit-maximizing output and price? Price ($/unit) 400 0 D 200 Quantity of printers (thousand) b. If the firm's demand changes to P = 300 - Q while its marginal cost curve remains the same, what is the firm's profit-maximizing level of output and price? How does this compare to your answer for (a)? c. Draw a diagram showing these two outcomes. Holding marginal cost equal, how does the shape of the demand curve affect the firm's ability to charge a high price? (bonus question 5 points)3. The graph below shows a firm's demand, marginal revenue, and marginal cost curves. Find the profit-maximizing level of output and mark it q*. Find the price the firm should charge and mark it P*. P MC X D MR Quantity 4. The Whatsa Widget Company has a monopoly over the sale of widgets in a small midwestern town. The firm's demand, marginal revenue, marginal cost, and average cost curves are shown below. Find the firm's profit-maximizing level of output and the price the firm will charge. Is the firm earning a positive or a negative profit? Show the firm's profit (or loss) on the graph. P MC X MR D ATC
- Suppose there are 5 types of consumers: Type A. Type B. Type C. Type D, and Type E. There are 3,000 of each type. Two software products are sold by a monopolist: spreadsheets and word processing. Assume the marginal cost of production is $0. Consumer Type A B C D E Number 3,000 3.000 3,000 3.000 3,000 Spreadsheet 800 300 200 100 0 b. What is profit at this pricing policy? $ Willingness to Pay Word Processor Instructions: Round your answers to the nearest whole number. a. What will be the profit-maximizing bundle price? $ 0 100 200 300 800 Both 800 400 400 400 800 c. How will profit from this pricing policy compare to profit under independent pricing of the two goods? When pricing independently, the profit-maximizing price for spreadsheets is $ processing is $ d. What is profit under independent pricing? $ and the profit-maximizing price for wordA monopolist is faced with the following cost and revenue curves:(picture) a.What is the maximum-profit price and output,total revenue, total cost and profit? b.If the monopolist were ordered to produce 300 units, what would be the market price and how much profit would now be made c.If the monopolist were faced with the same demand, but average costs were constant at £60 per unit, what output would maximise profit? What would be the price now?................................................................................................. (j) How much profit would now be made? ................................................................................... (k) Assume now that the monopolist decides not to maximise profits, but instead sets a price of £40. How much will now be sold? .................................................................................................................................................. (l) What is the marginal revenue at this…I will rate and like, thank you! Easy economics question. Create graph that includes: Demand curve, marginal cost, and marginal revenue. Identify the profit-maximizing quantity and price for this monopolist. To do this you will need to determine marginal revenue at each level of output. Choose output that satisfies the monopolist’s profit maximizing condition of MR = MC. Does this firm earn a profit? How much profit if they do?
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