Fill in chart to get answers 1.Look at the chart for problem #2 based on perfect

Question

Fill in chart to get answers

1.Look at the chart for problem #2 based on perfect competition. The marginal revenue of the 30th unit is equal to $_________.

2. Look at the chart for problem #2 based on perfect competition. The marginal cost of the 20th unit is equal to $_________.

A monopolist can produce its output at a constant average and constant marginal cost of:

ATC = MC = 5

The monopoly faces a demand curve given by the following function:

Q= 53-P

And a marginal revenue curve that is given by the function:

MR = 53 – 2Q

3. Look at the information for problem #3 based on monopoly. The profit maximizing price of the monopoly is equal to $_________.

4.Look at the information for problem #3 based on monopoly. The profit maximizing quantity of the monopoly is equal to _________ units.

5.Look at the information for problem #3 based on monopoly. The profit maximizing price of the of the firm if it were in PERFECT COMPETITION is equal to $_________.

6. Look at the information for problem #3 based on monopoly. The profit maximizing quantity of the of the firm if it were in PERFECT COMPETITION is equal to _________ units.

Quantity Price($/unit) MR(Marginal Revenue) TR(Total Revenue) TC(Total Cost) ATC(Average Total Cost) MC(Marginal Cost) 0 20 200 10 200 200 300 30 100 20 200 400 460 23 30 600 660 22 200 40 200 800 1000 25 340 50 200 1000 1500 30 5000

Explanation / Answer

Fill in chart to get answers 1.Look at the chart for problem #2 based on perfect

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