Q (units) 0 1 2 3 4 5 P ($) 32 28 24 20 16 12 TC ($) 6 $16 $20 $24 none of the above 20 34 48 62 76 Consider a monopolist that faces a demand schedule and has total costs depicted in the table below. If the monopolist maximizes profit, then the market price will be
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- Shane teaches guitar lessons. The graph below shows the comparison of his expenses and revenue for one month. r ($) L -1000 000 -600 200 Number of Lessons Expenses Revenue How many lessons must he teach to break even?1. L&P Power is a natural monopoly supplying electricity for a city. The firm produces the profit-maximizing quantity of electricity and earns a positive economic profit. (a) Describe a condition that distinguishes a natural monopoly from a typical monopoly. (b) Draw a correctly labeled graph for the natural monopoly market in which L&P Power operates and show cach of the following. (i) The proſīt-maximizing quantity, labeled QM (ii) The profit-maximizing price, labeled PM (iii) The area representing economic prolit, shaded completlely (c) Suppose the government wants to regulate L&P to produce the maximum quantity that would allow it to earn zero economic profit. On your graph in part (b), show the maximum quantity it will produce to earn zero economic profit, labeled Qr, and price, labeled PR- (d) Suppose instead the government wants to regulate L&P to produce the allocatively efficient quantity. (i) Does L&P earn positive economic profit if it produces the allocatively efficient…The graph shown represents the cost and revenue curves faced by a monopoly What profit is earned by the monopolist in the short run? 18 17 16 15 14 18 17 16 S 15 14 13 12 11 10 9 8 87654321 6 5 2 1. $420 2. $250 3. $500 4. $1000 MC MR ATC D 5707530% 55% 65838% Quantity I have submitted this question prior and received the answer as $250. However, I was counted wrong for this answer. When solving, please explain step by step how the answer is comprised. I understand the MC and MR connection at 8*50= 400, but the profit, how did you come to the resolution of 5*50???
- Prce per botie (S) The diagram to your right describes the per unit costs and revenues related to the monopoly firm NutriPowder Inc. NutriPowder Inc manufactures and sels a new food powder called NuriPowder that provides the consumer with all the essential nutnents and yet helps the consumer treduce his or her woight significantly Using the rectange drawing tool, draw the area that represents the weekly maximum total prote eamed by manufacturing and selling NutnPowder. Label it Profr. Note: if you are not prompted for a label then you have used the wrong drawing tool MC to ATC 41 20 112 MR 20 Quantity (Hundeds of bottes per week)For a monopolist, pricing the output where the demand is relatively inelastic _____ (a) leads to decline in total revenues. (b) increases economic profits. (c) total revenue is maximised. (d) increases its market power, as consumers will not respond to price change.14 only
- Figure 6 Price $95 and cost per unit 70 59 35 20 panja 580 835 MR 1740 2204 ATC MC D Quantity 12) Refer to Figure 6 to answer the following questions. a) What quantity will this monopoly produce and what price will it charge? b) Suppose the monopoly is regulated. If the regulatory agency wants to achieve economic efficiency, what price should it require the monopoly to charge? c) To achieve economic efficiency, what quantity will the regulated monopoly produce? d) Will the regulated monopoly make a profit if it charges the price that will achieve economic efficiency? e) Suppose the government decides to regulate the monopoly by imposing a price ceiling of $35. What quantity will the monopoly produce and what price will the monopoly charge? f) With the price ceiling of $35, what profit will the monopoly earn?QUESTION 9 The FitBit is a device that monitors various health and fitness activities of a person. When it was first introduced by FitBit Inc., the FitBit was the only device of its type in the market. Assume this is still the case and that the marginal cost of production is $55 per FitBit. Below is a table of potential prices that could be charged and the corresponding quantities. Price (S/FitBit) Quantity (FitBits) 160 60 145 70 130 80 115 90 100 100 What price should FitBit Inc. charge in order to maximise profit? Answer to the nearest whole number (with no decimal places or $ sign).sessments > Assessment 1B: Problem Set ion 4 A monopolist has no fixed costs and a constant marginal cost equal to $470 per unit. It faces the following demand schedule: et -red Quantity Price Demanded d out of $2632 $2350 on $2068 3 $1786 4 $1504 5 $1222 6 $940 7 $658 8 To maximise its profits, the monopolist will produce units
- P(sunits) МC 25 23 20 15 13 D Units 40 45 50 In the diagram above, suppose the government imposes a price ceiling of $23. With the imposition of the price ceiling, the profit the monopolist will accrue is: $600 а. b. $1,000 c. $1,150 d. Can't tell; insufficient information(a) Why MUL is called a monopoly? Does it enjoy monopoly in car manufacture? (b) In what way do customers surfer from monopoly practices of MUL. (c) What do you suggest to remedy the situation?Are the following statements true or false? (D). A monopoly earns total revenue of $5000 when it sells 500 units of output and totalrevenue of $5400 when it sells 600 units of output. Thus, the marginal revenue of the600th unit is $9.(E). We call a market where there is only one buyer for a good or service a monopoly.(F). There are a few firms selling differentiated products in a monopolistically competitiveindustry.(G). When a demand curve is a downward sloping straight line, the slope of the marginalrevenue curve is twice as steep as the demand curve.
