ECON-1010-D1/D2-Introduction to Microeconomics
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A firm with market power is producing a level of output at which price
is
$17, marginal revenue is $16, average variable cost is $10,
and marginal cost is
$8.In order to maximize profit, the firm should
price.In order to maximize profit, the firm should
price.Use the figure to answer to answer the following 3 questions. The figure above shows the demand and cost curves facing a price-setting firm.
1) The profit-maximizing (or loss-minimizing) level of output is .
2) In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm earns$ in total revenue, which is than the maximum possible total revenue of $ .
3) In short run the maximum profit the firm can earn is $ .
If this is a perfect price-discriminating monopoly, what is consumer surplus?
.
2) At this level of output the firm earns a profit of $.
3) At the profit maximizing level of output the last unit produced and sold adds $ to revenue and $to cost.
4) One more unit of output beyond the profit-maximizing level would add $ to revenue and $ to cost, thereby profit by $ .A firm with market power is producing a level of output at which price
is
$14, marginal revenue is $9, average variable cost is $10,
and marginal cost is
$19.In order to maximize profit, the firm should
price..
2) If the firm earns profits of $1490 by producing 45 units of output, the firm has Total Costs of $ .Use the figure to answer the following 4 questions.
The figure shows the demand and cost curves facing a firm with market power in the short run.
The profit-maximizing (or loss-minimizing) level of output is units.
The firm will sell its output at a price of $ .
The firm earns profits of $ .
When in short-run equilibrium, if the firm sells another unit of output total revenue will by $ .
In order to maximize profit, the firm should
price.Want instant access to all verified answers on moodle.uleth.ca?
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