Can you answer D for me please? 3.4 [Related to Solved Problem 15.3 L] Ed Scahill has acquired amonopoly on the production of baseballs (don't ask how) and facesthe demand and cost situation shown in the following table.PriceQuantityTotalMarginalTotalMarginal(perRevenueRevenueCostCostweek)$2015,000$330,0001920,000365,0001825,000405,0001730,000450,0001635,000500,0001540,000555,000a. Fill in the remaining values in the table. d. Suppose that the government raises the tax in part (c) to $70,000.Now what price should Ed charge, how many baseballs should hesell, and what will his profit (or loss) be? Will his decision on whatprice to charge and how much to produce be different in the shortrun than in the long run? Briefly explain.

A) Price Quantity per week Total Revenue Marginal Revenue Total Cost Marginal cost $20…

oly on the production of baseballs (don't ask how) and faces mand and cost situation shown in the following table. Quantity Total Marginal Total Margina (per Revenue Revenue Cost Cost week) 15,000 $330,000 20,000 365,000 25,000 405,000 30,000 450,000 35,000 500,000

oly on the production of baseballs (don't ask how) and faces mand and cost situation shown in the following table. Quantity Total Marginal Total Margina (per Revenue Revenue Cost Cost week) 15,000 $330,000 20,000 365,000 25,000 405,000 30,000 450,000 35,000 500,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 28CTQ: Intellectual property laws are intended to promote innovation, but some economists, such as Milton...

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Question

Can you answer D for me please?

3.4 [Related to Solved Problem 15.3 L] Ed Scahill has acquired a
monopoly on the production of baseballs (don't ask how) and faces
the demand and cost situation shown in the following table.
Price
Quantity
Total
Marginal
Total
Marginal
(per
Revenue
Revenue
Cost
Cost
week)
$20
15,000
$330,000
19
20,000
365,000
18
25,000
405,000
17
30,000
450,000
16
35,000
500,000
15
40,000
555,000
a. Fill in the remaining values in the table.

d. Suppose that the government raises the tax in part (c) to $70,000.
Now what price should Ed charge, how many baseballs should he
sell, and what will his profit (or loss) be? Will his decision on what
price to charge and how much to produce be different in the short
run than in the long run? Briefly explain.

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