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Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter10: Prices, Output, And Strategy: Pure And Monopolistic Competition
Section: Chapter Questions
Problem 8E
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Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Sold per Day 0 100 200 300 400 500 600 700 greater than one. Price per Meal $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 O one. O infinite. O less than one. impossible to know with the available information. OP3сеP₂. ●P4abP₂. O OPofQo- O OP4aQo- O OP₂bQo- Total Fixed Cost TABLE 10-2 Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand is Dollars Suppose a monopolist faces the demand curve and cost curves shown below. P5 wo D $150 $150 $150 $150 $150 $150 $150 $150 Po Total Variable Cost 0 $300 $500 $650 $750 $830 $905 $995 0 Total Revenue 0 $325 $600 Quantity IMC Qo Q₁Q₂Q3 MR $825 $1000 $1125 $1200 $1225 ATC Demand 9 Q5 FIGURE 10-4 Refer to Figure 10-4. If this single-price monopolist is producing at the profit-maximizing level of output, the total profit is represented by the area At the current level of output, long-run marginal cost is $50 and long-run average cost is $75. This implies that O not enough information to determine the answer. Othere are diseconomics of scale. O there are economics of scale. O there are neither economies of scale nor diseconomies of scale. O there are either economies of scale or diseconomies of scale. When average product is at a maximum,marginal product is equal to AP
Transcribed Image Text:Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Sold per Day 0 100 200 300 400 500 600 700 greater than one. Price per Meal $3.50 $3.25 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 O one. O infinite. O less than one. impossible to know with the available information. OP3сеP₂. ●P4abP₂. O OPofQo- O OP4aQo- O OP₂bQo- Total Fixed Cost TABLE 10-2 Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand is Dollars Suppose a monopolist faces the demand curve and cost curves shown below. P5 wo D $150 $150 $150 $150 $150 $150 $150 $150 Po Total Variable Cost 0 $300 $500 $650 $750 $830 $905 $995 0 Total Revenue 0 $325 $600 Quantity IMC Qo Q₁Q₂Q3 MR $825 $1000 $1125 $1200 $1225 ATC Demand 9 Q5 FIGURE 10-4 Refer to Figure 10-4. If this single-price monopolist is producing at the profit-maximizing level of output, the total profit is represented by the area At the current level of output, long-run marginal cost is $50 and long-run average cost is $75. This implies that O not enough information to determine the answer. Othere are diseconomics of scale. O there are economics of scale. O there are neither economies of scale nor diseconomies of scale. O there are either economies of scale or diseconomies of scale. When average product is at a maximum,marginal product is equal to AP
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