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A) Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist?
B) Given Table 1, what can you conclude about the structure of the industry in which this firm is operating? Explain.
Table 1: Lin's Firm (Hypothetical Data)
Price
Quantity
Total revenue (TR)
Marginal revenue (MR)
Average fixed cost
Average variable cost
Average total cost
Marginal cost
($)
demanded
100
1
60.00
45.00
105.00
45
83
2
166
66
30.00
42.50
72.50
40
71
3
213
47
20.00
40.00
35
63
4
252
39
15.00
37.50
52.50
30
55
5
275
23
12.00
37.00
49.00
48
6
288
13
10.00
47.50
42
7
294
8.57
38.57
47.14
37
8
296
7.50
40.63
48.13
33
9
297
6.67
43.33
50.00
65
29
10
290
- 7
6.00
46.50
75
C) Given Table 1, determine the profit maximizing price and output.
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