Use the following data for a pure monopoly to calculate the firms:

(a) Total revenue, marginal revenue, marginal costs, and average total cost; 

(b) Its profit-maximizing output level and produce price; 

(c) Its profit. 

(d) Use the price-cost formula to determine whether or not the firm

(e) Use the price-cost formula to determine whether or not the firm’s operations are allocatively efficient.

Q	(P=AR)	TR	MR	TC	MC	ATC
0	$120	$100
1	119	200
2	118	280
3	117	340
4	116	380
5	115	400
6	114	460
7	113	560
8	112	665

Answer rating: 100% (QA)

Answers 4 5 a 6 Q PAR TR MR TC MC ATC 7 120 100 100 1 119 119 119 2... View the full answer