FINAL EXAM MICROECONOMICS FALL. 2017 - Word Robert, Danielle - File Home Insert

Question

FINAL EXAM MICROECONOMICS FALL. 2017 - Word Robert, Danielle - File Home Insert Draw Design utReferences Mailings Review View Tell me what you want to do Share Exhibit O 1 62 ATC AVC 2 2 2 20 MR 100 190 260 300 400 a. What is the monopolist profit maximizing price$24 b. $25 c. S26 d. $30 59. The profit-maximizing or loss-minimizing monopolist's total cost will be a. $3.800 b. S4.940 c. S4,560 d. S5.700 60. What is the monopolist Total Variable Cost a. $4,940 b. S4.560 c. $5,700 d. $3.800 62. What is the monopolist fixed cost. a. $760 b S-380 Page 18 of 19 2572 words + 100% O Type here to search 1:58 PM 12/3/2017

Explanation / Answer

Answer
58)
the profit is maximum at MR=MC, where Q=190 and the price is found from demand curve at the Q, P=$30
option d
59)
total cost=average total cost*Q
=26*190=4940
option b
60)
total variable cost=average variable cost*Q
=24*190
=4560
option b
61)
fixed cost=total cost-variable cost
=4940-4560
=380
the fixed cost is $380

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