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Total Output Price Marginal Revenue Average Total Cost Marginal Cost 1 $100 $100 $100.00 $30 2 90 80 63.00 26 3 80 60 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 6 50 0 50.00 52 7 40 -20 52.29 66 8 30 -40 55.75 80 9 20 -60 60.67 100 10 10 -80 67.60 130 Refer to the data for a nondiscriminating monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost by ____ and its average total cost by ____.

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Karabo99

Answer:

this firm's price will exceed its marginal cost by $30 and its average total cost by $20.5

Explanation:

The monopolist produces where mr = mc and this happens at mr = mc = 40 and at that point price is $70 and average total cost is $49.50 and output is 4.

Therefore, this firm's price will exceed its marginal cost by:

= 70 - 40

= $30

and its average total cost by:

= 70 - 49.50

= $20.5

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