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 and has a constant marginal and average cost of $1 per unit of providing the product, what price should it charge per unit of output so as to maximize its profits?
◦ $2.00
◦ $2.50
◦ $3.00
◦ $3.50
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 maximum profit the monopoly can earn?
◦ $300
◦ $600
◦ $900
◦ $1,000
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