Suppose a monopolist's profit-maximizing output is 200 units per week and that the firm sells its output at a price of $70 per unit. The firm has total costs of $10,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last unit produced each week. Instructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? $ b. What is the firm's marginal cost? $ c. What is the firm's average total cost? $

Suppose a monopolist's profit-maximizing output is 200 units per week and that the firm sells its output at a price of $70 per unit. The firm has total costs of $10,000 per week. Assume the monopolist is maximizing its profit and earns $35 per unit from the sale of the last unit produced each week. Instructions: Enter your answers as a whole number. a. What are the firm's weekly economic profits? $ b. What is the firm's marginal cost? $ c. What is the firm's average total cost? $

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 33P: Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the...

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