Homework: Chapter 15 Homework (Copy 2) Score: 0.33 of 1 pt %) Concept: Profit Ma
ID: 1116887 • Letter: H
Question
Homework: Chapter 15 Homework (Copy 2) Score: 0.33 of 1 pt %) Concept: Profit Maximization Table 2 The table below shows the quantity of output produced by a monopoly that consumers demand at each price and the monopoly's cost structure 12 of 20 (20 complete) Score: 93.33%, 18.67 of 20 pts Question Help Quantity Price $400 375 350 325 300 275 250 225 200 Total Revenue $400 750 1,050 1,300 1,500 1,650 1,750 1,800 1,800 Marginal Revenue $400 350 300 250 200 150 100 50 Total Cost S60 90 162 246 342 450 570 720 900 Marginal Cost S60 30 72 84 96 108 120 150 180 4 Wha t are the profit-maximizing price and quantity? The monopoly should produceunits of output and charge a price of $. (Enter your responses as integer values.) . 1.1 Vi :/ (1,n) More Enter your answer in the edit fields and then click Check Answer. Clear All Final Check remainingExplanation / Answer
Answer
The firm produces at MR=MC or the closet lower MC
where
Q=6 and P=$275
the monopoly produces 6 units and charge the price of $275
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