Fill out the following table to answer Questions Q32 through Q36: Quantity Price Total Revenue Marginal Revenue $1000 1 $900 2 $800 3 $700 4 $600 $500 6. $400 32 What is the marginal revenue of the 2nd unit? a) $700 b) $800 c) $1,600 d) $2,500 3 What is the total revenue when selling 5 units? a) $700 b) $800 c) $1,600 d) $2,500 Suppose it costs $300 to produce each unit, such that MC = ATC = 300. *** $. What price would the monopolist charge? Perform a marginal analysis to determine optimal quantity. a) $1,000 b) $800 c) $600 d) $400
Fill out the following table to answer Questions Q32 through Q36: Quantity Price Total Revenue Marginal Revenue $1000 1 $900 2 $800 3 $700 4 $600 $500 6. $400 32 What is the marginal revenue of the 2nd unit? a) $700 b) $800 c) $1,600 d) $2,500 3 What is the total revenue when selling 5 units? a) $700 b) $800 c) $1,600 d) $2,500 Suppose it costs $300 to produce each unit, such that MC = ATC = 300. *** $. What price would the monopolist charge? Perform a marginal analysis to determine optimal quantity. a) $1,000 b) $800 c) $600 d) $400
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter11: Monopoly And Antitrust Policy
Section: Chapter Questions
Problem 7SCQ: From the graph you drew to answer Exercise 11.6, would you say this transit system is a natural...
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