Calculate pete marginal and average cost schedules

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Reference no: EM13159461

The demand and cost schedules for Petes Gold, a monopoly, are shown in the tables below.

Price	Quantity demanded
100	100
200	80
300	60
400	40
500	20
600	0

Quantity produced	Total cost
0	6,000
20	7,200
40	8,800
60	10,800
80	13,200
100	16,000

1 Calculate Pete's marginal revenue schedule. Draw the demand curve and the marginal revenue curve.

2 Calculate Pete's marginal and average cost schedules.

3 What are Pete's profit-maximizing output and price? What is Pete's economic profit? Explain your answer.

Reference no: EM13159461

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