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(a) Complete the following table which summarizes the weekly sales and cost situation confronting a monopolist: Instructions: Enter your responses for total revenue, marginal revenue, and marginal cost as whole numbers. Enter your responses for average total cost to two decimal places. Indicate a negative response with a (-) negative sign. Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost Average Total Cost $22 0 $ $ --- $ 4 $ -- $ --- 20 1 $ $ 8 $ $ 18 2 $ $ 13 $ $ 16 3 $ $ 19 $ $ 14 4 $ $ 27 $ $ 12 5 $ $ 37 $ $ 10 6 $ $ 51 $ $ 8 7 $ $ 69 $ $ (b) Graph the demand, MR, and MC curves on the graph below. Instructions: 1. Use the tools provided to draw the demand (D), marginal revenue (MR), and marginal cost (MC) curves. Plot points for each level of output. The demand (D) line should contain 8 reference points and the marginal revenue (MR) and marginal cost (MC) lines should contain 7 reference points each. 2. To enter exact coordinates, double click on the point and enter the values of x and y. Instructions: Enter your responses as a whole number. (c) At what rate of output is total revenue maximized within this range? (Choose the highest level.) units (d) What are the values of MR and MC at the revenue-maximizing rate of output? MR = $ MC = $ (e) At what rate of output are profits maximized? (Choose the highest level.) units (f) What are the values of MR and MC at the profit-maximizing rate of output? MR = $ MC = $ (g) What are total profits at that output rate? $ (h) If a competitive industry confronted the same demand and costs, how much output would it produce in the short run? (Enter the closest whole unit of output.) units
You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?
Kent is retained by Mighty Manufacturing, Inc. to perform welding. He was specially trained in safety precautions applicable to installing replacement mufflers on automobiles including a rule against installing a muffler on any auto that had heavily ..
A physical therapy clinic faces a demand equation of Q = 200 – 1.5 × P,
Where P is output price in $/bushel and Q is billions (1,000,000,000s) of bushels. Recall that this farm produces a negative externality of $1.5 per bushel. Now, show why the producer prefers the regulation (Quota) to a tax, considering that they wil..
Policy analysts in the Department of Natural Resources have estimated that the marginal benefits from water pollution abatement are given by the function MB ¼ 0.90 À 0.03A, where A is a measure of the abatement intensity. Determine the optimal level ..
Assume the firm does enter the market and that, over time, increasing competition causes the price of telephones to fall to $35. Under these circumstances, what would be the firms optimal output, price and profit (or loss).
Suppose that one must divide $1,000 among 100 students. Which divisions are efficient?
New source bias may exist for mobile sources. Briefly discuss why this bias leads to a solution that is not cost-effective. What policies would you implement to eliminate this bias?
How do these tools (payoff tables and game forms) help decision-makers to avoid incomplete thinking and over- inclusive thinking in their judgments?
If you have an asset that costs $20 in year zero and face a MARR of 1%, what is the smallest benefit you could receive in period 5 and still find the investment acceptable?
Assume increase in government spending. Would the effect on AD be larger if the Fed held MS constant in response or if the Fed were committed to maintaining a fixed interest rate?
During the last decade, outsourcing often translated in offshoring of product buys. One popular location to buy product offshore was China. Why was China such a popular spot to buy labor intensive products? Why are many people leaving China and bring..
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