In Figure 7 1 's graph, (a) At what output rate (from A to G) is total revenue maximized (b) What is MR at that output rate $14 13 12 Marginal revenue is less than price for a monopoly 11 10 Demand ( price) 4 Marginal revenue 5 6 7 8 2 3 10 4 QUANTITY (pounds of fish per hour) PRICE (per pound) 9 (...

a 7 pounds of fish b 1 Explanation a T ...

In Figure 7.1's graph, (a) At what output rate (from A to G) is total revenue maximized?

Question:

In Figure 7.1's graph,

(a) At what output rate (from A to G) is total revenue maximized?

(b) What is MR at that output rate?

$14 13 12 Marginal revenue is less than price for a monopoly. 11 10 Demand (= price) 4 Marginal revenue 5 6 7 8 2 3 10 4

(1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Essentials of Economics

ISBN: 978-1259235702

10th edition

Authors: Bradley Schiller, Karen Gebhardt

See More Books

Question Posted: Aug 30, 2017 11:51 PM

See More Questions

A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firms product is $150. a. Complete the table. b. At what output rate does the firm...
Answer the following questions on the basis of the monopolists situation illustrated in the following graph. a. At what output rate and price does the monopolist operate? b. In equilibrium,...
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000 a.At what output does the...
Prepare journal entries for each of the following transactions: 1. Purchase equipment in exchange for cash of $22,400. 2. Provide services to customers and receive cash of $5,100. 3. Pay the current...
The flow graph shown in Figure is noncomputable; i.e., it is not possible to compute the output using the difference equations represented by the flow graph because it contains a closed loop having...
Comment on the use of a box plot to explore a data set with four attributes: age, weight, height, and income.
Suppose that the firm of Example 17.6 has a value of $\$ 200,000$ instead of $\$ 100,000$. Perhaps this makes the bond more secure. What, in fact, is the value of the bond in this case? Example...
Post the journal entries prepared in E 3-31 to T-accounts, and determine the final balance for each account. (Assume all beginning account balances are zero.) Data from E3-13 July 2 Received $320,000...
How do conflict resolution professionals navigate ethical dilemmas when mediating disputes between stakeholders with competing interests, balancing impartiality with the pursuit of equitable outcomes?
It has recently become possible to weigh DNA molecules by measuring the influence of their mass on a nano-oscillator. FIGURE P15.54 shows a thin rectangular cantilever etched out of silicon (density...
Assume the on campus demand for soda is as follows: Price ($ per can) .......................... 2.001.751.501.251.000.750.500.25 Quantity demanded (per day) ..................... 30 40 50 60 70 80...
Use Figure 7.2 to answer the following questions: (a) What rate of output maximizes total profit? (b) What is the MR at that rate of output? (c) What is the price? (d) If output is increased by 1...
There are four errors in the records of C R Sherwood that require correction by general journal. a The cash payments journal showed a payment to the account payable L Jacaranda of $3674 after...
Below are several amounts reported at the end of the year. Currency located at the company Supplies Short-term investments that mature within three months Accounts receivable Balance in savings...
In preparing Pina Inc's statement of cash flows for the year ended December 31, 2025, the following amounts were available: Collection of note receivable $612000 650000 Issuance of bonds payable...
S Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 84,500 $ 35,000 $...
In what ways does homozygosity contribute to genetic stability and susceptibility to certain genetic disorders within populations?
How are velocity, frequency, and length of each wave related? Explain.
On December 31, 2019, Grey Inc. owns a machine with a carrying amount of $940,000. The original cost and accumulated depreciation for the machine on this date are as follows: Machine...
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your...
The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting. a. Using the midpoint...
The U.S. government would like to help the American auto industry compete against foreign automakers that sell trucks in the United States. It can do this by imposing an excise tax on each foreign...
Before the North American Free Trade Agreement (NAFTA) gradually eliminated import tariffs on goods, the autarky price of tomatoes in Mexico was below the world price and in the United States was...
Use the product process matrix to explain the proposal by management for market 2 for international frozen pizza company.
Write a paper detailing your ideal "Quality Improvement Team."
For this week's discussion question, assume you are a business analyst for an ocean/rail shipping container manufacturer that sells products in over 70 countries. Obviously, the forecast for...

In Figure 7.1's graph, (a) At what output rate (from A to G) is total revenue maximized?

Question:

$14 13 12 Marginal revenue is less than price for a monopoly. 11 10 Demand (= price) 4 Marginal revenue 5 6 7 8 2 3 10 4 QUANTITY (pounds of fish per hour) PRICE (per pound) 9. (1) Quantity x (2) Price (3) Total Revenue (4) Marginal Revenue $13 $13 -$11 12 24 11 33 4 10 40 5 5 45 3 48 49

Step by Step Answer:

a 7 pounds of fish b 1 Explanation a T...View the full answer

Essentials of Economics

Students also viewed these Economics questions