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Table 15-18 Tommy\'s Tie Company, a monopolist, has the following cost and reven

ID: 1096884 • Letter: T

Question

Table 15-18 Tommy's Tie Company, a monopolist, has the following cost and revenue information. Assume that Tommy's is able to engage in perfect price discrimination.

Refer to Table 15-18. If the monopolist can engage in perfect price discrimination, what is the total revenue when 7 ties are sold?

COSTS REVENUES Quantity Produced Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue 0 $100 -- 0 $170 -- 1 $140 1 $160 2 $184 2 $150 3 $230 3 $140 4 $280 4 $130 5 $335 5 $120 6 $395 6 $110 7 $475 7 $100 8 $575 8 $95

Explanation / Answer

The answer is very simple = he will make 7 * $100 = $700. That is the total revenue.

Hence, option B is the correct answer.

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