5. A producer of fresh orange juice, Citrus Delight, operates in an oligopoly and has revenues...

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5. A producer of fresh orange juice, Citrus Delight, operates in an oligopoly and has revenues and costs as shown in the table below. Profit-Maximization Table for Citrus Delight (1) Price ($ per carton) (3) Total Revenue cartons per day) ($ thousands) ($ thousands) (2) Quantity (thousands of (5) Marginal Revenue ($ per Marginal Cost carton) (4) Total Cost (6) ($ percarton) $2.20 $. $50 2.10 30 90 200 60 110 1.90 90 126 1.70 100 143 1.50 110 180 CHAPTER 6 Monopoly and Imperfect Cor a. Fill in the table. b. Identify Citrus Delight's profit-maximizing or loss-minimizing quantity of output rounded to the nearest 1o o00 or 30 o00 cartons and the price it charges. What is its short-run profit or loss? c. At what quantity does the demand curve that Citrus Delight faces have a kink? d. Will Citrus Delight's profit or loss necessarily disappear in the long run? Explain. 6. True North Railways, the sole provider of passenger rail service to a remote com- munity, has revenues and costs shown in the table below. Profit-Maximization Table for True North Railways (4) (3) (s) (1) Price ($ per Quantity (passengers Total Revenue Total Cost Marginal Revenue passenger) (2) (6) Marginal Cost ($ per passenger) ($ per passenger) (s) (s) per day) $24 750 5. A producer of fresh orange juice, Citrus Delight, operates in an oligopoly and has revenues and costs as shown in the table below. Profit-Maximization Table for Citrus Delight (1) Price ($ per carton) (3) Total Revenue cartons per day) ($ thousands) ($ thousands) (2) Quantity (thousands of (5) Marginal Revenue ($ per Marginal Cost carton) (4) Total Cost (6) ($ percarton) $2.20 $. $50 2.10 30 90 200 60 110 1.90 90 126 1.70 100 143 1.50 110 180 CHAPTER 6 Monopoly and Imperfect Cor a. Fill in the table. b. Identify Citrus Delight's profit-maximizing or loss-minimizing quantity of output rounded to the nearest 1o o00 or 30 o00 cartons and the price it charges. What is its short-run profit or loss? c. At what quantity does the demand curve that Citrus Delight faces have a kink? d. Will Citrus Delight's profit or loss necessarily disappear in the long run? Explain. 6. True North Railways, the sole provider of passenger rail service to a remote com- munity, has revenues and costs shown in the table below. Profit-Maximization Table for True North Railways (4) (3) (s) (1) Price ($ per Quantity (passengers Total Revenue Total Cost Marginal Revenue passenger) (2) (6) Marginal Cost ($ per passenger) ($ per passenger) (s) (s) per day) $24 750