Video TranscriptSo here, what quantity should they produce? To maximize their profits? What quantity should they produce in order to maximize their profits. Now to calculate the total ribbon, we have the price, You have the points, You have the total cost. This is what we're given now to calculate the total revenue, which is in dollars. We're going to multiply the price by the quantity. So when we do that for this, we are going to get zero Here, we are going to get $100,800 $1,800. By multiplying these two were multiplying this, we are going to get 3000 200 $3,200. Then the next one we're going to get 4000 $200. $4,200. Then for the next one where we calculated when we have 4800 4800. Okay, now we know the total cost. How do we find a profit? And the formula is given year the total revenue minus the total cost, The total revenue minus the total cost. And when we do that we're going to get -500 For the $10. We're going to get $800. Let me write this. Well we are going to get thousands, $600. You're going to get 1000 $700. Then we're going to get 800 dollars. So which quantity or what quantity should they produce to maximize their profit definitely is going to be this, this is the highest um amounts we have here. So which quantity should they produce? Um what quantity should they produce to maximize their profit? That is going to be the 600 600 600? So therefore the correct answer is the option C Option C is the correct answer. They should produce 600 units to maximize their profits. Thank you very much. Show 62.The table below shows the demand curve and cost information for a firm that is a monopoly.PriceQuantityTC$1,0000$500$8005$1,200$60010$3,100$40015$7,000$20020$11,500If they maximize their profits, what price will they charge?A. $800B. $600C. $400D. $200Answer: B Reference: Recommended textbooks for you ENGR.ECONOMIC ANALYSIS Publisher:Oxford University Press Principles of Economics (12th Edition) Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Engineering Economy (17th Edition) Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Principles of Economics (MindTap Course List) Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education ENGR.ECONOMIC ANALYSIS ISBN:9780190931919 Author:NEWNAN Publisher:Oxford University Press Principles of Economics (12th Edition) ISBN:9780134078779 Author:Karl E. Case, Ray C. Fair, Sharon E. Oster Publisher:PEARSON Engineering Economy (17th Edition) ISBN:9780134870069 Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling Publisher:PEARSON Principles of Economics (MindTap Course List) ISBN:9781305585126 Author:N. Gregory Mankiw Publisher:Cengage Learning Managerial Economics: A Problem Solving Approach ISBN:9781337106665 Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor Publisher:Cengage Learning Managerial Economics & Business Strategy (Mcgraw-... ISBN:9781259290619 Author:Michael Baye, Jeff Prince Publisher:McGraw-Hill Education The table below shows a monopolist's demand curve and cost information for the production of its good. What quantity will it produce? Sam owns an antique store in Boston. Many of his competitors left the market, causing his
perceived demand curve to change. The following 2 tables show his old and new perceived demand curves. New Demand Curve Price Quantity TC $1,100 0 $3,000 $1,000 10 $3,300 $900 20 $4,500 $800 30 $7,000 $700 40 $12,000 The following table shows the demand curve and cost information for a firm that is a monopoly. Sets with similar termsWhere does the market demand curve occur when looking at the marginal revenue curve in a graph for a monopolist?The marginal revenue curve for a monopolist always lies beneath the market demand curve. To understand why, think about increasing the quantity along the demand curve by one unit, so that you take one step down the demand curve to a slightly higher quantity but a slightly lower price.
What quantity should they produce to maximize their profits quizlet?A profit-maximizing monopoly should follow the rule of producing up to the quantity where marginal revenue is equal to marginal cost, that is, MR=MC. For this firm, that output quantity is 30, where both marginal revenue and marginal cost equal $100.
How is the demand curve in monopoly market?In Panel (b) a monopoly faces a downward-sloping market demand curve. As a profit maximizer, it determines its profit-maximizing output. Once it determines that quantity, however, the price at which it can sell that output is found from the demand curve.
Which of the following are characteristics of a monopoly?Characteristics of Monopolistic Markets. Single supplier. A monopolistic market is regulated by a single supplier. ... . Barriers to entry and exit. ... . Profit maximizer. ... . Unique product. ... . Price discrimination.. |
The following table shows the demand curve and cost information for a firm that is a monopoly
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