Thursday
April 24, 2014

Homework Help: economics

Posted by linda on Saturday, November 13, 2010 at 6:38pm.

A monopolist faces an upward-sloping marginal cost curve. Its profit-maximizing quantity will be

a. at the minimum point of the marginal cost curve
b. less than the (total) revenue-maximizing quantity
c. equal to the (total) revenue-maximizing quantity
d. in the unit elastic segment of the demand curve
e. in the inelastic segment of the demand curve

†Suppose that at an output of 1,000 units, a monopolist has marginal cost of $40, marginal revenue of $30, average variable cost of $30, and average total cost of $50. In order to maximize profit or minimize loss in the short run, the firm should
a. shut down
b. continue to produce 1,000 units
c. produce fewer than 1,000 units but still operate
d. produce more than 1,000 units
e. increase its plant size to gain economies of scale

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