Author Question: Your food-services company has been named as the monopoly provider of meals at a small university. ... (Read 113 times)

byomi · **on:** Oct 12, 2022

Question 1

Suppose a monopolist faces the demand, marginal revenue and cost curves shown below.

FIGURE 10-7

Refer to Figure 10-7. When in short-run equilibrium, if the monopoly sells another unit of output Total Revenue will

◦ increase by $25.
◦ increase by $15.
◦ increase by $10.
◦ decrease by $10.
◦ decrease by $15.

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 400 and 500 meals per day?
◦ $0.50
◦ $5.00
◦ $4.00
◦ $0
◦ $1.50

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

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