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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
Explain how does the income approach to measuring GDP differ from the expenditure approach. Explain the meaning of value added and its importance in the income approach.
illustrate what constitutes a perfectly competitive marketplace structure. Support your argument with empirical evidence wherever possible.
Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called
The main characteristic that distinguishes monopolistic competition from perfect competition is:
Beckman Engineering and Associates (BEA) is considering a change in its capital structure. BEA currently has $20 million in debt carrying a rate of 6%, and its stock price is $40 per share with 2 million shares outstanding. BEA is a zero growth firm ..
A special-purpose machine is to be depreciated as a linear function of uses (units-of-production method). It costs $35,000 and is expected to produce 150,000 units and then be sold for $5,000. Up to the end of the third year, it had produced 60,000 u..
Suppose the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, would you expect a ________ in the price of olive..
q.simple inc. has one real asset valued at 300 million and one outstanding bond issue having a total face value of 100
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 100 items per hour. If you assign one w..
Christopher notices that his Discover Card statement gives the company’s Web address (Discovercard.com) and directs him there to pay his bills and answer his questions. What e-business strategy is Discover employing with this reference to its Web sit..
What is the term premium for a 6-period bond if the interest rate on the 6-period bond today is 10 percent and 1-period interest rates are expected to rise by 2% each year from their current level of 4%?
Imagine a waste processing plant that is causing air pollution (measured in tons per year), and has marginal abatement costs given by MAC1 = 100 – 0.005E1. The marginal damages from the pollution is given by MD = 0.003E. The government establishes li..
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