Economics Supposes Monopharm wants to maximize profit, what quantity does it sell, what price does it charge, and how much profit does it earn?
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- In the above diagram, at the profit-maximizing output, total profit is represented by the area bounded by letters A. efbc B. Ofbn C. egac D. fgabUsing the previous table, what is the profit maximizing level of output?Try to classify the following firms into one of the four market strucutre models. Explain your choice. a) Rowena's gourmet foods (produces and sells a line of speciality foods) b) Shasta Pools and Spas (swimming pool and spa building ) c) Merck (Pharmaceuticals) d) US Airways e) UDC Homes (builders) f) Legal Sea Foods (restaurant chain)
- Can excess profit be earned in the olipolistic industry in the long run. Explain.Henry Potter owns the only well in town that produces clean drinking water. He faces the following demand, marginal revenue, and marginal cost curves: Demand: P=60−QP=60−Q Marginal Revenue: MR=60−2QMR=60−2Q Marginal Cost: MC=QMC=Q On the following graph, use the blue line (circle symbol) to graph Mr. Potter's demand curve. Then, use the black line (cross symbol) to graph his marginal revenue (MR) curve. Next, use the orange line (square symbol) to graph his marginal cost (MC) curve. Finally, use the grey point (star symbol) to indicate the profit-maximizing price and quantity. : The profit-maximizing quantity is___units, and the profit-maximizing price is___. Mayor George Bailey, concerned about water consumers, is considering a price ceiling that is 10% below the monopoly price. At this new price, the quantity demanded would be___units. At this quantity, the marginal cost would be___the price. Therefore, the profit-maximizing Mr. Potter___produce…How to draw a graph for perfectly competitive market and monopoly based on the question