6/12/23, 3:15 PM Refer to the graph below to answer five questions about a monopolist. Price...

 

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6/12/23, 3:15 PM Refer to the graph below to answer five questions about a monopolist. Price or Cost (dollars per pound) $14 $13 $12 $11 $10 53842298355GA $9 $8 $7 $6 X 1 2 3 ATC 4 5 6 7 8 Quantity (pounds of fish per hour) 9 Instructions: Enter your responses as a whole number. a. What rate of output maximizes total profit? pounds b. What is the marginal revenue at that rate of output? per pound c. What is the price at that rate of output? per pound d. If output is increased by 1 pound beyond that point, marginal cost is greater than revenue. Assignment Print View e. If the firm expands production beyond the profit-maximizing quantity, profits will decrease marginal 6/12/23, 3:15 PM Refer to the graph below to answer five questions about a monopolist. Price or Cost (dollars per pound) $14 $13 $12 $11 $10 53842298355GA $9 $8 $7 $6 X 1 2 3 ATC 4 5 6 7 8 Quantity (pounds of fish per hour) 9 Instructions: Enter your responses as a whole number. a. What rate of output maximizes total profit? pounds b. What is the marginal revenue at that rate of output? per pound c. What is the price at that rate of output? per pound d. If output is increased by 1 pound beyond that point, marginal cost is greater than revenue. Assignment Print View e. If the firm expands production beyond the profit-maximizing quantity, profits will decrease marginal

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The rate of Output that maximizes total profit where marginal revenue is equal to marginal cost MRZM... View the full answer