Q21 Answer the question on the basis of the provided demand and cost data for Aphria, a monopolist producing marijuana. Demand Data for MarijuanaCost Data for MarijuanaPriceQuantity DemandedOutputTotal Cost$6.2533$5.006.00446.005.75556.505.25667.504.50779.004.008811.003.509914.00 The profit-maximizing level of output for Aphria will be Multiple Choice 4 units. 7 units. 5 units. $10. 6 units.

TR=P*Q TR(3)=6.25*3=18.75 and so on MR=change in TR MR(4)=24-18.75=5.25 and so on MC=change in TC…

Answered: Answer the question on the basis of the…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 4QR

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Q21

Answer the question on the basis of the provided demand and cost data for Aphria, a monopolist producing marijuana.

Demand Data for Marijuana	Cost Data for Marijuana
Price	Quantity Demanded	Output	Total Cost
$6.25	3	3	$5.00
6.00	4	4	6.00
5.75	5	5	6.50
5.25	6	6	7.50
4.50	7	7	9.00
4.00	8	8	11.00
3.50	9	9	14.00

The profit-maximizing level of output for Aphria will be

Multiple Choice

4 units.
7 units.
5 units.
$10.
6 units.

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