Nina\'s Custom Tees TR MRTotal Cost Marginal Cost 0 46 43 40 37 34 $30 $60 $100

Question

Nina's Custom Tees TR MRTotal Cost Marginal Cost 0 46 43 40 37 34 $30 $60 $100 $150 Question 10 Suppose Nina is a monopolist who faces the following demand and cost schedules. What is the marginal cost for the final shirt Nina produces for sale? C 10 C 20 C 30 C 40 Question 11 Suppose Nina is a monopolist who faces the following demand and cost schedules. How does Marginal Revenue and the Price compare for Nina for the quantity she chooses? C MR is greater than the price C MR is less than the price C MR and the price cannot be compared Question 12 C MR the price Suppose Nina is a monopolist who faces the following demand and cost schedules. How does the Price Nina charges compare to her MC? Price is greater than MC Price is less than MC Price is equal to MC Price and MC cannot be compared C

Explanation / Answer

Q10
Answer
Naina produces 1 unit
MC of n th unit=TC of n units -TC of n -1 units
=10-0=10
$10
Q11
Answer
Naina chooses the first unit of output and at this the price and MR is same
TR=P*Q=1*46=46
MR=46

MR=P
Q12
Answer
The monopolist produces at MR=MC
or closet higher MR and MC
her the MR>MC
so the price is also above MC

Q TR TC MR MC Profit 0 0 0 0 1 46 10 46 10 36 2 43 30 -3 20 13 3 40 60 -3 30 -20 4 37 100 -3 40 -63 5 34 150 -3 50 -116

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