Total Output 1 Marginal Revenue Average Total Cost Marginal Cost Price $100 80 60 $100 $100.00 $30 2 90 63.00 26 3 80 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 6 50 50.00 52 7 40 -20 52.29 55.75 66 8 30 40 80 9 20 -60 60.67 100 10 10 -80 67.60 130 26. Refer to the above data for a monopolist. This firm will maximize its profit by producing: A. 3 units. B. 4 units. C. 5 units. D. 6 units. 27. Refer to the above data for a nondiscriminating monopolist. At its profit- maximizing output, this firm's total profit will be: A. $82. B. zero. C. $54. D. $27. MC ATC IN H K/ XG Demand AMR ELM Quantity 28. Refer to the above diagram. To maximize profits or minimize losses this firm should produce: A. E units and charge price C. B. E units and charge price A. C. M units and charge price N. D. L units and charge price LK. 29. Refer to the above diagram. At the profit- maximizing level of output, the firm will realize: A. an economic profit of ABHJ. Dollars

Total Output 1 Marginal Revenue Average Total Cost Marginal Cost Price $100 80 60 $100 $100.00 $30 2 90 63.00 26 3 80 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 6 50 50.00 52 7 40 -20 52.29 55.75 66 8 30 40 80 9 20 -60 60.67 100 10 10 -80 67.60 130 26. Refer to the above data for a monopolist. This firm will maximize its profit by producing: A. 3 units. B. 4 units. C. 5 units. D. 6 units. 27. Refer to the above data for a nondiscriminating monopolist. At its profit- maximizing output, this firm's total profit will be: A. $82. B. zero. C. $54. D. $27. MC ATC IN H K/ XG Demand AMR ELM Quantity 28. Refer to the above diagram. To maximize profits or minimize losses this firm should produce: A. E units and charge price C. B. E units and charge price A. C. M units and charge price N. D. L units and charge price LK. 29. Refer to the above diagram. At the profit- maximizing level of output, the firm will realize: A. an economic profit of ABHJ. Dollars

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter17: Income, Poverty, And Health Care

Section: Chapter Questions

Problem 13P

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