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Homework answers / question archive / a) Complete the following table: Instructions: Enter your responses rounded to the nearest whole number
a) Complete the following table:
Instructions: Enter your responses rounded to the nearest whole number. Indicate a negative response with a (-) negative sign.
|
Price |
$24 |
$21 |
$18 |
$15 |
$12 |
$9 |
$6 |
$3 |
|
Quantity demanded |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
|
Marginal revenue |
|
|
|
|
|
|
|
|
(b) At what rate of output does marginal revenue turn negative?
(c) If marginal cost is constant at $18, what is the profit-maximizing rate of output?
(d) Assuming a firm has monopoly power, what price should be charged at that rate of output?
