Table 15-21 Tommy’s Tie Company, a monopolist, has the following cost and revenue information. Assume that Tommy’s is able to engage in perfect price discrimination. COSTS REVENUES Quantity Produced Total Cost Marginal CostQuantity Demanded Price Total RevenueMarginal Revenue0 $100 -- 0 $170 --1 $140 1 $160 2 $184 2 $150 3 $230 3 $140 4 $280 4 $130 5 $335 5 $120 6 $395 6 $110 7 $475 7 $100 8 $575 8 $95 16. Refer to Table 15-21. If the monopolist can engage in perfect price discrimination, what is the total revenue when 3 ties are sold?

Total Revenue is the total amount earned from the sale of goods and services. Total…

Answered: Table 15-21 Tommy’s Tie Company, a…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 6CQQ

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Table 15-21

Tommy’s Tie Company, a monopolist, has the following cost and revenue information. Assume that Tommy’s is able to engage in perfect price discrimination.

COSTS			REVENUES
Quantity Produced	Total Cost	Marginal Cost	Quantity Demanded	Price	Total Revenue	Marginal Revenue
0	$100	--	0	$170		--
1	$140		1	$160
2	$184		2	$150
3	$230		3	$140
4	$280		4	$130
5	$335		5	$120
6	$395		6	$110
7	$475		7	$100
8	$575		8	$95

16. Refer to Table 15-21. If the monopolist can engage in perfect price discrimination, what is the total revenue when 3 ties are sold?

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