Please refer to the following table displaying cost and revenue data for a monopolist. If this...
Please refer to the following table displaying cost and revenue data for a monopolist. If this monopolist seeks to maximize economic profit, what price should it charge for this good?
| Output | Price | Total Revenue | Marginal Revenue | Total Cost | Marginal Cost | Average Total Cost |
| 0 | $120 | $0 | na | $100 | na | na |
| 1 | $110 | $110 | $110 | $120 | $20 | $120 |
| 2 | $100 | $200 | $90 | $150 | $30 | $75 |
| 3 | $90 | $270 | $70 | $190 | $40 | $63 |
| 4 | $80 | $320 | $50 | $240 | $50 | $60 |
| 5 | $70 | $350 | $30 | $300 | $60 | $60 |
| 6 | $60 | $360 | $10 | $370 | $70 | $62 |
| 7 | $50 | $350 | -$10 | $450 | $80 | $64 |
|
$100 |
||
|
$80 |
||
|
$60 |
||
|
$40 |
Homework Answers
Answer
Option 2
$80
A monopolist produces at MR=MC and charges price from the demand schedule at the output level.
MR=MC at Q=4 units where P=$80
Add Answer to:
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