Question 1
Refer to the information provided in Table 13.3 below to answer the question(s) that follow.
Refer to Table 13.3. If a monopoly faces the demand schedule given in the table, its marginal revenue is positive
◦ at prices above $2.00.
◦ at all prices.
◦ at prices below $2.00.
◦ at all price but $2.00.
Question 2
Refer to the information provided in Table 13.3 below to answer the question(s) that follow.
Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the level of output that would maximize its profits?
◦ 200
◦ 400
◦ 500
◦ 600
Life Table
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Economic question 5