How many units did a company sell at $25.92 if they have 36% of the $6,480,000 industry? ___________ •j) Excluding beer and wine sales, the LCBO has a monopoly on liquor sales in Ontario, what is their market share in the legal liquor industry? _______________(trick question sort of)
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- 21. Maximum revenue and profit. A company manufactures and sells x television sets per month. The monthly cost and price-demand equations are C(x) = 72.000 + 60x P3D200 0 < x < 6,000 30 (A) Find the maximum revenue. (B) Find the maximum profit, the production level that will realize the maximum profit, and the price the company should charge for each television set. (C) If the government decides to tax the company $5 for each set it produces, how many sets should the company manufacture each month to maximize its profit? What is the maximum profit? What should the company charge company for each set?(a) What is a monopoly, and why is it inefficient in relation to a competitive market?5. The inverse demand eurve a pure monopoly faces is P= 120- 20. The firm's cost curve is TC = 10 + Q'. (a) Compare the monopoly outcome to that of perfect competition. (b) Determine how much consumers are hamed by monopoly relative to perfect competition (i.e. determine the change in consumer surplus). (c) Determine the deadweight loss of monopoly.
- 1. The estimated demand curve for a firm's product is represented by the equation: Q = 66000 – 10P where O is the quantity sold per year and P is the price per unit. (a) Based on the estimated demand curve, write the equations for (i) (ii) (iii) marginal revenue total revenue average revenue (b) What is the maximum total revenue per year that the firm can obtain from sales of its product? (Give the exact dollar amount and show how you determined it.) (c) Calculate the point price elasticity of demand for the firms' product when 2 = 50000 . Is the demand elastic or inelastic at that quantity? How do you know?Question 2 suppose Boeing is the only firm that produces aeroplanes in the world. The marginal cost of producing an aeroplace of Boeing is $50,000. The quantity demanded for Boeing's aeroplane is provided as bleow. Table1 -Demand schedule Price/ Quantity (thousands $) 40,000 /10 30,000 /30 20,000 / 60 10,000 / 100 1) calculate Boeing's total revenue and marginal revenue. How many aeroplances will Boeing Produce? Full explain this question and text typing work only We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this line(9) What a monopoly's ATC , Demand, MR and MC Looks like if the monopoly is operating with loss.
- (a) "Monopoly is often regarded as bad to the society!" Why? Explain!(a) If you are the owner of the only bookstore in a small town, do you have a monopoly? Explain. (b) Draw graph and explain the inefficiency of a monopoly firm such as public sector provision of electricity.(units) Price per Unit Quantity Demanded Total Cost of Production (dollars) $85 10 $530 80 11 540 75 12 550 70 13 560 65 14 575 60 15 595 55 16 625 A monopoly producer of foreign language translation software faces a demand and cost structure as given in the table. What is the firm's profit-maximizing output and what is the price charged to sell this output? [HINT: Find TR, MR and MC then use the profit maximizing condition] = OA. P $80; Q = 11 = B. P $70; Q 13 C. P $85; Q = 10 O D. P= $65; Q = 14
- COURSE: MICROECONOMICS 2 - MONOPOLY IN DURABLE GOODSA monopolistic firm has estimated its inverse demand function as P = 200 − 0.5 Q + 40*(1/UL) with a increasing marginal cost (MC) estimated to be 10 Q. (a) Estimate effect on firm's extraordinary profit if it changes useful life (UL) of its product from 8 years to 5 years. b) What will happen to selling price?(Figure: Short-Run Monopoly in the Market for Electricity) Use Figure: Short-Run Monopoly in the Market for Electricity. The marginal cost of producing the profit-maximizing quantity is: Price and cost NOR OP. SON. O O O Q. 0 P Q runscript RSTU MC MR ATC AVC Demand Quantity (KWH per pound)True or False: (D). A monopoly earns total revenue of $5000 when it sells 500 units of output and total revenue of $5400 when it sells 600 units of output. Thus, the marginal revenue of the 600th unit is $9. (E). We call a market where there is only one buyer for a good or service a monopoly. (F). There are a few firms selling differentiated products in a monopolistically competitive industry. (G). When a demand curve is a downward sloping straight line, the slope of the marginal revenue curve is twice as steep as the demand curve.