Author Question: Your food-services company has been named as the monopoly provider of meals at a small university. ... (Read 62 times)

kaitlynndavis · **on:** Oct 12, 2022

Question 1

The table below shows the demand schedule for a product produced by a single-price monopolist.

Price	Quantity Demanded
$8	5
$7	6
$6	7
$5	8
$4	9
$3	10
$2	11

TABLE 10-1

Refer to Table 10-1. For a single-price monopolist, the marginal revenue associated with increasing sales from 5 to 6 units is
◦ -4.
◦ -2.
◦ 0.
◦ 2.
◦ 4.

Question 2

Your food-services company has been named as the monopoly provider of meals at a small university. The cost and demand schedules are:

Sold per Day	Price per Meal $	Total Cost $	Total Revenue $
0	6.00	500	0
100	5.50	550	550
200	5.00	600	1000
300	4.50	675	1350
400	4.00	800	1600
500	3.50	950	1750
600	3.00	1200	1800
700	2.50	1600	1750

TABLE 10-2

Refer to Table 10-2. What is the marginal cost of an additional meal when output is between 100 and 200 meals per day?
◦ $1.25
◦ $0.50
◦ $1.00
◦ $1.50
◦ $0

wangyichun · **Reply #1 on:** Oct 12, 2022

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