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
$29, marginal revenue is $26, average variable cost is $17,
and marginal cost is
$13.In order to maximize profit, the firm should
price.A monopolist faces market demand given by P = 110 – 4Q
In order to maximize profits the monopolist will produce units and charge a price of $ .
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 $ .
In order to maximize profit, the firm should
price.What is the redistribution of surplus from consumers to the producer with a single-price monopoly, as compared to a perfectly competitive market?
,
marginal revenue is
$86, average total cost is $86, and marginal
cost is
$123. In order to maximize profit, the firm shouldIn order to maximize profit, the firm should
output..
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
$19, marginal revenue is $12, average variable cost is $14,
and marginal cost is
$26.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 $ .In order to maximize profit, the firm should
price.Want instant access to all verified answers on moodle.uleth.ca?
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