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ECON-3030-A1/A2/B1/B2-Managerial Economics-Winter-2025

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MATCHING DEFINITION

An upper limit to the quantity of a good that

may be produced in a specified period.

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The figure above shows the demand and cost conditions for a monopoly with two plants.

 In order to maximize profit the firm should produce units.

The profit-maximizing price is $  .

The firm will produce:

in plant 1  units.

in plant 2  units.

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The next two questions refer to the following table showing a monopolist’s demand schedule:

Columns A and B

make up a portion of a monopolist's production function for a single variable input, labor.

Columns B and C represent the demand function facing the monopolist over this range of output.

1) The 17th unit of labour adds $ to the firm's Total Revenue

.

2) Faced with a fixed wage rate of $2800, the maximum amount of profit that this firm can earn is $ .
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The next four questions refer to the following table showing a monopolist’s demand schedule:

1) To maximize profit the firm should produce units of output and charge a price of $

.

2) At this level of output the firm earns a profit of $

.

3) The last unit of output produced and sold adds $ to revenue and $

to cost.

4) One more unit of output beyond the profit-maximizing level of output would add $ to revenue and $ to cost, thereby profit by $ .
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The next two questions refer to the following table showing a monopolist’s demand schedule:

1) The 760th unit of output adds to Total Revenue

.

2) If the firm earns profits of $222 000 by producing 1050 units of output, the firm has Total Costs of $ .
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A monopolist is producing a level of output at which price is $276, marginal revenue is $211, average total cost is $211, and marginal cost is $148. In order to maximize profit, the firm should output.
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In order to maximize profit, a firm that produces its output in two plants will produce the level of total output at which the last unit of output produced adds the same amount to total revenue as to the
0%
0%
100%
0%
0%
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A firm facing a downward sloping demand curve is producing a level of output at which price is $14, marginal revenue is $6, and average total cost, which is at its minimum value, is $10

. In order to maximize profit, the firm

should

price.

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A monopoly is producing a level of output at which price is $480, marginal revenue is $240, average total cost is $540, marginal cost is $240, and average fixed cost is $30.

In order to maximize profit, the firm should

 .
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Use the figure to answer to answer the following 8 questions.

The figure above shows demand and marginal revenue for a single price monopoly.

At any price above $ demand is elastic.

Assume production costs are constant and equal to $750.00 (i.e., AC = MC = $750).

 1) Output is units per day at a price of $ per unit.

 2)  Profit is $ .

 3)  Consumer surplus is $ .

 4)  If this market was perfectly competitive, output would exceed the single-price monopoly output by units.

Assume this is a perfectly price discriminating monopoly at a constant cost equal to $375.00 (i.e., AC = MC = $375).

 5)  The lowest price charged per unit is $ .

 6)  Output is .

 7)  Profit is $ .

 8)  Consumer surplus is $ .

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