question archive A monopolist faces the following demand and cost schedules
A monopolist faces the following demand and cost schedules
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A monopolist faces the following demand and cost schedules. Complete the table and answer the following questions.
| Price | Quantity | Total Cost | Total Revenue | Marginal Revenue | Marginal Cost |
|---|---|---|---|---|---|
| $50 | 20 | $100 | |||
| $49 | 21 | $110 | |||
| $48 | 22 | $125 | |||
| $47 | 23 | $145 | |||
| $46 | 24 | $170 | |||
| $45 | 25 | $200 |
a. How much output should the monopolist produce?
b. What price should the firm charge?
c. What is the maximum amount of profit that this firm can earn?
d. Should the firm shut down? Why or why not?
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