AMSN.com Hollnil Outlo X Chambe\'lain Urne, sity × Week 3: MEL Hon wurk × @ Do H

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AMSN.com Hollnil Outlo X Chambe'lain Urne, sity × Week 3: MEL Hon wurk × @ Do Homework Pamela HdX www.google.com/ CSearch Principles of Economics Pamela Harris 11/10/17 12:31 PM Homework: Week 3 Homework 35 pts Save Score: 0 of 1 pt 18 of 35 (14 complete) HW Score: 39.05%, 13.67 of 35 pts Checkpoint 2 Test A 5 Question Help Cook's Tall Ship Cruises is a single-price monopoly. The table gives the demand schedule for cruises (columns 1 and 2) and Cook's total cost schedule before taxes (columns 2 and 3). Suppose the government taxes Cook's by S50,000 per cruise Calculate Cook's new profit-maximizing output, price and econamic profit. >> Remember that the amounts in the table are given in thousands of dollars. Total cost (thousands of dollars per Quantity Price (thousands of month) per crulse) 240 220 200 180 160 140 75 170 275 390 515 650 Cook's profit-maximizing output is cruises a month. Answer to 1 decimal place Enter your answer in the answer box and then click Check Answer Clear All Check Answer 18) Type here to search 2:31 PM 11/10/2017

Explanation / Answer

Price(P) Q TC TC2=TC+50 MC2 TR MR 240 0 75 125 0 220 1 170 220 95 220 220 200 2 275 325 105 400 180 180 3 390 440 115 540 140 160 4 515 565 125 640 100 140 5 650 700 135 700 60 profit maximizing output is where MR>=MC2. This is at Q=3.

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