97) Refer to the attached Table 6. As long as Matthew and Anna operate as a profit-maximizing monopoly, what will their weekly revenue equal? A. $270 B. $200 C. $320 D. $36096) Refer to the attached Table 60. If the market for water was perfectly competitive instead of monopolistic, how many litres of water would be produced and sold? A. 70 B. 90 C. 120 D. 80 Table 6Imagine a small town in which only two residents, Matthew and Anna, own wells that produce water forsafe drinking. Each Saturday, Matthew and Anna work together to decide how many litres of water topump, bring the water to town, and sell it at whatever price the market will bear. To keep things simple,suppose that Matthew and Anna can pump as much water as they want without cost; therefore, themarginal cost of water equals zero.The weekly town demand schedule and total revenue schedule for water is reflected in the table.WeeklyQuantity(in litres)WeeklyTotal RevenuePrice(and Total Profit)$0$12$11$10$9$8$7$6$5$4$3$2$1$010$11020$200$270$320304050$35060S36070$350$320$2708090100$200$110$0110120 Table 6Imagine a small town in which only two residents, Matthew and Anna, own wells that produce water forsafe drinking. Each Saturday, Matthew and Anna work together to decide how many litres of water topump, bring the water to town, and sell it at whatever price the market will bear. To keep things simple,suppose that Matthew and Anna can pump as much water as they want without cost; therefore, themarginal cost of water equals zero.The weekly town demand schedule and total revenue schedule for water is reflected in the table.WeeklyQuantity(in litres)WeeklyTotal RevenuePrice(and Total Profit)$0$110$200$270$12$11$10$9$8$7$6$5$4$3$2$1$010203040S32050$35060$36070$35080S320$27090100$200110$110120$0

Answered: Image /qna-images/answer/97643f79-b26d-492a-8393-e232381909c7.jpg

97) Refer to the attached Table 6. As long as Matthew and Anna operate as a profit-maximizing monopoly, what will their weekly revenue equal? A. $270 B. $200 C. $320 D. $360 96) Refer to the attached Table 60. If the market for water was perfectly competitive instead of monopolistic, how many litres of water would be produced and sold? A. 70 B. 90 C. 120 D. 80

97) Refer to the attached Table 6. As long as Matthew and Anna operate as a profit-maximizing monopoly, what will their weekly revenue equal? A. $270 B. $200 C. $320 D. $360 96) Refer to the attached Table 60. If the market for water was perfectly competitive instead of monopolistic, how many litres of water would be produced and sold? A. 70 B. 90 C. 120 D. 80

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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