Question
In: Economics
The marginal cost of the production is always 13.00 and the profit maximizing output, average a total cost is $20.00
The following table shows a demand schedule facing a monopolist.
Quantity: 0 1 2 3 4 5 6 7 8 9 10
Prices: 25 25 24 23 22 21 20 19 18 17 16
The marginal cost of the production is always 13.00 and the profit maximizing output, average a total cost is $20.00
- What is the profit maximizing (or loss minimizing) output for this?
- What is the price at which that output will sell in the market?
- Compute the total cost
- Compute the total revenue
- compute profit or loss at the maximizing output level
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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Question 1
Output
total cost
marginal cost
fixed cost
average cost
Total revenue
average revenue
Marginal
revenue
0
10
0
1
16
20
2
26
40
3
40
60
4
60
80
5
88
100
6
120
120
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In the following market, Workers Output Marginal Product Total Cost Average Total Cost Marginal cost 0...
In the following market,
Workers
Output
Marginal Product
Total Cost
Average Total Cost
Marginal cost
0
0
1
20
2
50
3
90
4
120
5
140
6
150
7
155
Fill the column for marginal product. Can you explain
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A worker cost $45 a day, and the firm has fixed cost of $80.
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In the short run, marginal revenue curve faced by a competitive
firm is downward-sloping.
Competitive firms always produce a positive amount of output in
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Competitive firms earn zero economic profit in the long run
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Output
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Total cost
Variable cost
Average Total Cost
Average variable cost
Marginal Cost
0
$250
1
350
2
430
3
490
4
570
5
670
6
820
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price is increased.
3. So long as a monopolist finds itself in the situation where
price is greater than average fixed cost at the profit-maximizing
(loss-minimizing) level of output, the firm should continue to
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