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.
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.
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..
2) Faced with a fixed wage rate of $2800, the maximum amount of profit that this firm can earn is $ ..
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 $ ..
2) If the firm earns profits of $222 000 by producing 1050 units of output, the firm has Total Costs of $ .. In order to maximize profit, the firm
should
price.
In order to maximize profit, the firm should
.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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