Use the cost and revenue data below to answer the questions. Question 20 of 21 S

Question

Use the cost and revenue data below to answer the questions.

Question 20 of 21 Sapling Learning Use the cost and revenue data below to answer the questions Quantity Price Total Revenue Total Cost What is marginal cost when quantity is 12? What is marginal 360 480 560 600 600 560 300 90 80 70 60 50 40 revenue when quantity is 10? Number 10 720 14 1100 If this firm is a monopoly, Number at what quantity wil marginal profit be $0.00? Comparing monopoly to perfect competition which of the following are true? Number If this is a perfectly competitive market, which quantity will be produced? The perfectly competitive market's ouput is lower The monopoly is likely to be less responsive to consumers The monopoly's price is higher Previous Give Up & View Solution Check Answer Next Exit Hint

Explanation / Answer

The marginal revenue when quantity is 10 is 20.

THe marginal cost when the quantity is 12 is 90

IF this a a firm is monopily , the quanitty will marginal profit be $0.00 is 8 qauntity.

IF this is a perfectly competitve market, the quantity that will be produced is 4 quantity . ( because at this quantity MR=MC - which is profit maximizing level of output.

the answer is A and C -) The perfectly competitive market's output is lower and the monopoly price is higher.

Quantity Price Total Revenue Marginal revenue Total Cost Marginal cost 4 90 360 60 300 60 6 80 480 40 420 70 8 70 560 20 560 80 10 60 600 - 720 90 12 50 600 -20 900 100 14 40 560 1100

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