Suppose the hospital has the following output, price and average cost st Output Price Average Cost 0 45 1 40 50 2 35 28 3 30 20 20 4 25 17 5 20 20 18 6 15 7 10 10 20 20 21 a) What is the total cost if they produce 6 units? b) What is the total revenue if they produce 4 units? c) What is the marginal revenue producing 5 units? d) What is the marginal costs of producing 3 units? e) What is the profit max quantity if the hospital is in a competitive marke f) What is the profit max quantity if the hospital is in a monopoly? g) What is the profit max price if the hospital is in a competitive market? i) What is the total profit in the competitive market for this hospital? j) What is the total profit in the monopoly market for this hospital?

Suppose the hospital has the following output, price and average cost st Output Price Average Cost 0 45 1 40 50 2 35 28 3 30 20 20 4 25 17 5 20 20 18 6 15 7 10 10 20 20 21 a) What is the total cost if they produce 6 units? b) What is the total revenue if they produce 4 units? c) What is the marginal revenue producing 5 units? d) What is the marginal costs of producing 3 units? e) What is the profit max quantity if the hospital is in a competitive marke f) What is the profit max quantity if the hospital is in a monopoly? g) What is the profit max price if the hospital is in a competitive market? i) What is the total profit in the competitive market for this hospital? j) What is the total profit in the monopoly market for this hospital?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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