Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are:TotalTotalSold per DayPrice per MealFixed CostVariable CostTotal Revenue$3.50$150100$3.25$150$300$325200$3.00$150$500$600300$2.75$150$650$825400$2.50$150$750$1000500$2.25$150$830$1125600$2.00$150$905$1200700$1.75$150$995$1225TABLE 10-2Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand isgreater than one.O one.infiniteO less than one.impossible to know with the available information.Suppose a monopolist faces the demand curve and cost curves shown below.P5MCATCDemandPoMRQ4QsQuantityFIGURE 10-4Refer to Figure 10-4. If this single-price monopolist is producing at the profit-maximizing level of output, the total profit is represented by the areaO PaceP2.O PąabP2.O OPofQo-O OPgaQo-O OP26Q0-At the current level of output, long-run marginal cost is $50 and long-run average cost is $75. This implies thatO not enough information to determine the answer.O there are diseconomics of scale.there are economics of scale.O there are neither economies of scale nor diseconomies of scale.there are either economies of scale or diseconomies of scale.When average product is at a maximum ,marginal product is equal to APO O ODollars

sold per day price per meal($) total fixed cost($) total variable cost($) total revenue($) 0 3.50…

Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Total Total Sold per Day Price per Meal Fixed Cost Variable Cost Total Revenue $3.50 $150 100 $3.25 $150 $300 $325 200 $3.00 $150 $500 $600 300 $2.75 $150 $650 $825 400 $2.50 $150 $750 $1000 500 $2.25 $150 $830 $1125 600 $2.00 $150 $905 $1200 700 $1.75 $150 $995 $1225 TABLE 10-2 Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand is

Your food-services company has been named as the sole provider of meals at a small university. The cost and demand schedules are: Total Total Sold per Day Price per Meal Fixed Cost Variable Cost Total Revenue $3.50 $150 100 $3.25 $150 $300 $325 200 $3.00 $150 $500 $600 300 $2.75 $150 $650 $825 400 $2.50 $150 $750 $1000 500 $2.25 $150 $830 $1125 600 $2.00 $150 $905 $1200 700 $1.75 $150 $995 $1225 TABLE 10-2 Refer to Table 10-2, and suppose that the firm is a single-price monopolist. At the profit-maximizing level of output, the price elasticity of demand is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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\table[[\table[[Output], [per], [Month]], Price, \table[[Total], [Revenue]], Total Cost,Total Profit, \table [[Marginal], [ Revenue** Output per Month Price 0 $1,000 100 Total Revenue $0 1,000 100,000 Total Cost Total Profit Marginal Revenue* Average Revenue* Profit per Cost Total Cost Unit (Price - ATC) $60,000 -$60,000 90,000 10,000 $1,000 $300 $900 $100 200 1,000 200,000 130,000 70,000 1,000 400 650 350 300 1,000 300,000 180,000 120,000 1,000 500 600 400 400 1,000 400,000 240,000 160,000 1,000 600 600 400 500 1,000 500,000 320,000 180,000 1,000 800 640 360 600 1,000 600,000 420,000 180,000 1,000 1,000 700 300 700 1,000 700,000 546,000 154,000 1,000 1,260 780 220 800 1,000 800,000 720,000 80,000 1,000 1,740 900 100 900 1,000 900,000 919,800 -19,800 1,000 1,998 1,022 -22 "Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and revenues from one output level to another by 100 to calculate marginal revenue and marginal…
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