11. Ifa firm is producing a quantity of 150 and charging a price of $13, it a. s

Question

11. Ifa firm is producing a quantity of 150 and charging a price of $13, it a. should continue to produce 150 units but lower the price to $10 to maximize profits. b. should continue to produce 150 units but raise the price to $25 to maximize profits. e. should lower production to 100 units but keep charging $13 to maximize profits, d. should lower production to 100 units and raise the price to $25 to maximize profits. e. is already maximizing profits and should not change the price or quantity produced 12. Ifa firm is producing a quantity of 100 and charging a price of S10, it a, should continue to produce 100 units but raise the price to $13 to maximize profits b. should increase production to 150 units but raise the price to $25 to maximize profits. c. should continue to d. should increase production to 100 units and raise the price to $13 to maximize profits. e. is already maximizing profits and should not change the price or quantity produced produce 100 units but raise the to $25 to maximize profits. 13. Ifa firm is producing a quantity of 100 and charging a price of $25, it a. should raise production to 150 units but lower the price to $10 to maximize profits. b. should raise production to 150 units and continue to charge $25 to maximize profits, e. should keep production at 100 units but lower the price to $13 to maximize profits d. should keep production at 100 units and lower the price to $10 to maximize profits. e. is already maximizing profits and should not change the price or quantity produced 14 Refer to the accompanying figure. The revenue received by the profit-maximizing monopolist in this market is represented by a A+B+C+D+F+G+1+ b B+D+G+E+H c. 1+J d. C+D+F+G+1+

Explanation / Answer

Ques 11, 12 and 13 are based on some graph that is missing.

14. d) C + D + F + G + I + J

Total revenue = Price x Quantity

Equilibrium price is where intersection of MR and MC curve meets the demand curve.

Equilibrium quantity is where MR = MC.

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