Demand and Cost facing Monopolist Total Total Marginal Marginal Total Price Quantity Variable Profit Revenue Revenue Cost Cost Cost $10 10 $30 $9 20 $50 $8 30 $60 $7 40 $80 $6 50 $110 $5 60 $150 $4 70 $210 $3 80 $290 $2 90 $390
Demand and Cost facing Monopolist Total Total Marginal Marginal Total Price Quantity Variable Profit Revenue Revenue Cost Cost Cost $10 10 $30 $9 20 $50 $8 30 $60 $7 40 $80 $6 50 $110 $5 60 $150 $4 70 $210 $3 80 $290 $2 90 $390
Chapter10: The Hospital Services Market
Section: Chapter Questions
Problem 5QAP
Related questions
Question
Suppose a monopolist faces a market demand that is the first two columns in the table below. Also, in the short run, assume that Total Fixed Cost equals $100 and the monopolist has Total Variable Cost according to the table. Find Total Revenue for each price and quantity combination, and then Marginal Revenue as price falls and quantity increases. Fill in the rest of the costs in the table and find profit at each price and quantity combination as the difference between Total Revenue and Total Cost.
![Demand and Cost facing Monopolist
Total
Total
Marginal
Marginal Total
Price Quantity
Variable
Profit
Revenue
Revenue
Cost
Cost
Cost
$10 10
$30
$9
20
$50
$8
$60
|$7
40
$80
$6
50
$110
$5
60
$150
$4
70
$210
$3
80
$290
$2
90
$390
30](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f725cbf-5b29-42e3-b286-4b24932c56e3%2F9441d337-bf71-4b23-b0b7-e5ecc5797e8d%2Fi2uuoo5_processed.png&w=3840&q=75)
Transcribed Image Text:Demand and Cost facing Monopolist
Total
Total
Marginal
Marginal Total
Price Quantity
Variable
Profit
Revenue
Revenue
Cost
Cost
Cost
$10 10
$30
$9
20
$50
$8
$60
|$7
40
$80
$6
50
$110
$5
60
$150
$4
70
$210
$3
80
$290
$2
90
$390
30
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