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(a) Complete the following table which summarizes the weekly sales and cost situation confronting a monopolist: Instructions: Enter your responses for total revenue, marginal revenue, and marginal cost as whole numbers. Enter your responses for average total cost to two decimal places. Indicate a negative response with a (-) negative sign. Price Quantity Demanded Total Revenue Marginal Revenue Total Cost Marginal Cost Average Total Cost $22 0 $ $ --- $ 4 $ -- $ --- 20 1 $ $ 8 $ $ 18 2 $ $ 13 $ $ 16 3 $ $ 19 $ $ 14 4 $ $ 27 $ $ 12 5 $ $ 37 $ $ 10 6 $ $ 51 $ $ 8 7 $ $ 69 $ $ (b) Graph the demand, MR, and MC curves on the graph below. Instructions: 1. Use the tools provided to draw the demand (D), marginal revenue (MR), and marginal cost (MC) curves. Plot points for each level of output. The demand (D) line should contain 8 reference points and the marginal revenue (MR) and marginal cost (MC) lines should contain 7 reference points each. 2. To enter exact coordinates, double click on the point and enter the values of x and y. Instructions: Enter your responses as a whole number. (c) At what rate of output is total revenue maximized within this range? (Choose the highest level.) units (d) What are the values of MR and MC at the revenue-maximizing rate of output? MR = $ MC = $ (e) At what rate of output are profits maximized? (Choose the highest level.) units (f) What are the values of MR and MC at the profit-maximizing rate of output? MR = $ MC = $ (g) What are total profits at that output rate? $ (h) If a competitive industry confronted the same demand and costs, how much output would it produce in the short run? (Enter the closest whole unit of output.) units
A business called TopClass, Inc. has the following Costs and Benefits: Initial Cost: $70,000, Annual Costs: $7,500, Salvage Value: $10,000, and Benefits: $25,000 for years 1 and 2, $35,000 for years 3 and 4, $25,000 for years 5 and 6. The MARR is 10%..
In your opinion, are you better off saving money or spending money? Why? Please explain? Then take the question from a more macroeconomic perspective...does your spending or saving make the economy as a whole better off (and thus indirectly you)? How..
q1. a growth at a rate of 2.5 may seem slow but this means a country gdp will double within 28 years. 100 10.02528 200
If the price of housing (which accounts for roughly 40% of total expenditures in the CPI basket) rises by 15% in one year while the prices of all other goods rises by 25%, by how much will the CPI rise by given this information? If substantially more..
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
The economy is starting from a point of disequilibrium as there is a recessionary gap. Potential GDP is $600 billion and the recessionary gap is $50 billion. An economic shock then hits this economy and there is a sudden drop in the value of the Cana..
Why would secrecy in operating a business be important to an owner? What form of organization would be most appropriate for a business requiring great secrecy?
In 1975, President Ford proposed a $28,000 cut in government spending and a $28,000 tax cut, what is the result of the two actions on the economy? Show your work, use the MPC of .80. Hint: notice that the numbers are the same -$28,000.
In the simple Keynesian model, if output exceeds aggregate expenditures, According to the Keynesian analysis, as income increases, the marginal propensity to consume will rise. In the classical model, a self-regulating market would. According to the ..
find a transformation of the data to be able to use the same data to estimate a model that satisfies the Gauss-Markov assumptions. be clear and explicit about the process.
Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
Provide an example to discuss how special interests can succeed in perpetuating policies that are opposed by the majority of voters because the costs of organizing and motivating groups to take political action increase with group's size.
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