Question
price quantity marginal revenue $8 0 $7 1 $6 2 $5 3 $4 4 $3 5...
| price | quantity | marginal revenue |
| $8 | 0 | |
| $7 | 1 | |
| $6 | 2 | |
| $5 | 3 | |
| $4 | 4 | |
| $3 | 5 | |
| $2 | 6 | |
| $1 | 7 | |
a monopolist firm sees the following demand, find the marginal revenue.
Here's the same firm cost schedule find the marginal cost and based off of the data in these 2 find the monopolist equilibrium quantity and price.
| quantity | total variable cost | marginal cost |
| 1 | $5 | |
| 2 | $9 | |
| 3 | $12 | |
| 4 | $14 | |
| 5 | $18 | |
| 6 | $24 | |
| 7 | $32 | |
| 8 | $42 | |
Homework Answers
Answer #1
Ans: The monopolist equilibrium quantity = 3 and price = $5
| Price ( $ ) |
Quantity | Total Revenue ( $ ) |
Marginal revenue ( $ ) |
| 8 | 0 | 0 | - |
| 7 | 1 | 7 | 7 |
| 6 | 2 | 12 | 5 |
| 5 | 3 | 15 | 3 |
| 4 | 4 | 16 | 1 |
| 3 | 5 | 15 | -1 |
| 2 | 6 | 12 | -3 |
| 1 | 7 | 7 | -5 |
| Quantity | Total Variable
cost ( $ ) |
Marginal cost ($ ) |
| 1 | 5 | 5 |
| 2 | 9 | 4 |
| 3 | 12 | 3 |
| 4 | 14 | 2 |
| 5 | 18 | 4 |
| 6 | 24 | 6 |
| 7 | 32 | 8 |
| 8 | 42 | 10 |
A monopolist is in equilibrium where MC = MR
It is shown in the above table.
MR = 
MC = 
TR = P * Q
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