2. In the following table are demand and cost data for a pure monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost. Answer these three questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge? (c) What total profit will the monopolist receive at the profit-maximizing level of output? Quantity Price revenue 0 1 2 3 4 5 6 O 9 10 $34 $ 32 30 28 26 24 22 20 18 16 14 Total Marginal Total revenue cost มี $ 20 36 46 50 54 56 64 80 100 128 160 Marginal cost $

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter9: Monopoly
Section: Chapter Questions
Problem 33P: Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the...
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2.
In the following table are demand and cost data for a pure monopolist. Complete the table by filling in the
columns for total revenue, marginal revenue, and marginal cost. Answer these three questions: (a) What
output will the monopolist produce? (b) What price will the monopolist charge? (c) What total profit will
the monopolist receive at the profit-maximizing level of output?
Quantity Price revenue
0
1
2
3
4
5
6
O
9
10
$34 $
32
30
28
26
24
22
20
18
16
14
Total Marginal Total
revenue
cost
มี
$ 20
36
46
50
54
56
64
80
100
128
160
Marginal
cost
$
Transcribed Image Text:2. In the following table are demand and cost data for a pure monopolist. Complete the table by filling in the columns for total revenue, marginal revenue, and marginal cost. Answer these three questions: (a) What output will the monopolist produce? (b) What price will the monopolist charge? (c) What total profit will the monopolist receive at the profit-maximizing level of output? Quantity Price revenue 0 1 2 3 4 5 6 O 9 10 $34 $ 32 30 28 26 24 22 20 18 16 14 Total Marginal Total revenue cost มี $ 20 36 46 50 54 56 64 80 100 128 160 Marginal cost $
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