Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below. Quantity, (Q) (tons) Price (P) Total Revenue (TR) Total Cost (TC) 11 $1,000$1,000 $1,000$1,000 $710$710 22 $905$905 $1,810$1,810 $785$785 33 $810$810 $2,430$2,430 $875$875 44 $715$715 $2,860$2,860 $1,070$1,070 55 $620$620 $3,100$3,100 $1,310$1,310 66 $525$525 $3,150$3,150 $1,650$1,650 77 $451$451 $3,160$3,160 $2,290$2,290 Determine the firm's profit-maximizing price. Write the exact answer. Do not round.
Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below. Quantity, (Q) (tons) Price (P) Total Revenue (TR) Total Cost (TC) 11 $1,000$1,000 $1,000$1,000 $710$710 22 $905$905 $1,810$1,810 $785$785 33 $810$810 $2,430$2,430 $875$875 44 $715$715 $2,860$2,860 $1,070$1,070 55 $620$620 $3,100$3,100 $1,310$1,310 66 $525$525 $3,150$3,150 $1,650$1,650 77 $451$451 $3,160$3,160 $2,290$2,290 Determine the firm's profit-maximizing price. Write the exact answer. Do not round.
Chapter25: Monopoly
Section: Chapter Questions
Problem 11E
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Quantity, price , total revenue, and total cost for a monopoly firm that produces cement are listed in the table below.
Determine the firm's profit-maximizing price. Write the exact answer. Do not round.
| Quantity, (Q) (tons) | Price (P) | Total Revenue (TR) | Total Cost (TC) |
|---|---|---|---|
| 11 | $1,000$1,000 | $1,000$1,000 | $710$710 |
| 22 | $905$905 | $1,810$1,810 | $785$785 |
| 33 | $810$810 | $2,430$2,430 | $875$875 |
| 44 | $715$715 | $2,860$2,860 | $1,070$1,070 |
| 55 | $620$620 | $3,100$3,100 | $1,310$1,310 |
| 66 | $525$525 | $3,150$3,150 | $1,650$1,650 |
| 77 | $451$451 | $3,160$3,160 | $2,290$2,290 |
Determine the firm's profit-maximizing price. Write the exact answer. Do not round.
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