Ue price-cost formula to find out whether or not firms

Reference no: EM13392600

Problem-solving question: Use the following data for a pure monopoly to calculate the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost; (b) its profit-maximizing output level and produce price; (c) its profit. (d) Use the price-cost formula to determine whether or not the firm's operations are productively-efficient. (e) Use the price-cost formula to determine whether or not the firm's operations are allocatively efficient.

Q (P = AR) TR MR TC MC ATC

0 $120 $100

1 119 200

2 118 280

3 117 340

4 116 380

5 115 400

6 114 460

7 113 560

8 112 665

Reference no: EM13392600

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