filmov
tv
How to find monopoly output and price using a table of data, microeconomics problem
Показать описание
Given a table of data with demand, TR, and MC, how to find profit maximizing output and price. Then how to find profit and total cost.
Fill in the empty cells in the following table representing a monopoly’s production/costs.
Problem details:
a) What is the profit maximizing price and quantity for the single price monopolist shown above?
MR = MC Q=4 P = 25
b) What do their profits equal? $59
c) If this represented a competitive industry what would the market P and Q equal?
Fill in the empty cells in the following table representing a monopoly’s production/costs.
Problem details:
a) What is the profit maximizing price and quantity for the single price monopolist shown above?
MR = MC Q=4 P = 25
b) What do their profits equal? $59
c) If this represented a competitive industry what would the market P and Q equal?