Refer to Scenario 15-3. The firm's maximum profit is Scenario 15-3 A monopoly firm maximizes its profit by producing 500 units output (so Q = 500). At that le %3D output, its marginal revenue is $30, its average revenue is $40, and its average total cost is $3,000 $4,000 O $2,000

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Q: P          14         13           12         11         10          9           8           7…

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A: Table is calculated as follows

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Q: P 14 13 12 11 10 9 8 7…

A: 1)To maximize total industry profit,price would be 14. 2)Revenue=14*500=7000 Cost=7*500=3500…

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Q: P 14 13 12 11 10 9 8 7…

A: 1)Profit maximizing level of output would be 14. 2)At this price Revenue=14*500=7000 Cost=7*500=3500…

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Q: 27

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Q: uct. Solve for

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Q: Question 9 TC $13 $12 $1 $10 $9 $8 10 $15 14 $25 19 $45 $75 $115 25 30 35 $165

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