(units) Price per Unit Quantity Demanded Total Cost of Production (dollars) $85 10 $530 80 11 540 75 12 550 70 13 560 65 14 575 60 15 595 55 16 625 A monopoly producer of foreign language translation software faces a demand and cost structure as given in the table. What is the firm's profit-maximizing output and what is the price charged to sell this output? [HINT: Find TR, MR and MC then use the profit maximizing condition] = OA. P $80; Q = 11 = B. P $70; Q 13 C. P $85; Q = 10 O D. P= $65; Q = 14
(units) Price per Unit Quantity Demanded Total Cost of Production (dollars) $85 10 $530 80 11 540 75 12 550 70 13 560 65 14 575 60 15 595 55 16 625 A monopoly producer of foreign language translation software faces a demand and cost structure as given in the table. What is the firm's profit-maximizing output and what is the price charged to sell this output? [HINT: Find TR, MR and MC then use the profit maximizing condition] = OA. P $80; Q = 11 = B. P $70; Q 13 C. P $85; Q = 10 O D. P= $65; Q = 14
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![(units)
Price per Unit Quantity Demanded
Total Cost of
Production
(dollars)
$85
10
$530
80
11
540
75
12
550
70
13
560
65
14
575
60
15
595
55
16
625
A monopoly producer of foreign language translation software faces a demand
and cost structure as given in the table. What is the firm's profit-maximizing
output and what is the price charged to sell this output? [HINT: Find TR, MR
and MC then use the profit maximizing condition]
=
OA. P $80; Q = 11
=
B. P $70; Q 13
C. P $85; Q = 10
O D. P= $65; Q = 14](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a23a50d-d6d9-45de-b653-30fde9591b28%2Fa9bfcbcf-19ee-48c3-a998-3f1ad436940b%2F95sg7ld_processed.png&w=3840&q=75)
Transcribed Image Text:(units)
Price per Unit Quantity Demanded
Total Cost of
Production
(dollars)
$85
10
$530
80
11
540
75
12
550
70
13
560
65
14
575
60
15
595
55
16
625
A monopoly producer of foreign language translation software faces a demand
and cost structure as given in the table. What is the firm's profit-maximizing
output and what is the price charged to sell this output? [HINT: Find TR, MR
and MC then use the profit maximizing condition]
=
OA. P $80; Q = 11
=
B. P $70; Q 13
C. P $85; Q = 10
O D. P= $65; Q = 14
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