A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $40, its average revenue is $80, and its average total cost is $44. Refer to Scenario 15-1. At Q = 500, the firm's total revenue is a. $40,000. b. $22,000. c. $2,000. d. $20,000.
A monopoly firm maximizes its profit by producing Q = 500 units of output. At that level of output, its marginal revenue is $40, its average revenue is $80, and its average total cost is $44. Refer to Scenario 15-1. At Q = 500, the firm's total revenue is a. $40,000. b. $22,000. c. $2,000. d. $20,000.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter9: Monopoly
Section: Chapter Questions
Problem 15SQ
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Question
A
Refer to Scenario 15-1. At Q = 500, the firm's total revenue is
a. |
$40,000.
|
|
b. |
$22,000.
|
|
c. |
$2,000.
|
|
d. |
$20,000.
|
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