00:01
So here we have a whole bunch of information about a monopolist.
00:03
We're told that the quantity they produce is 200.
00:06
We're told that the price is equal to 60.
00:09
And we're told that the total cost is equal to 9 ,000.
00:15
The monopolize monopolize, monopolize, monopolis is maximizing profit, and it earns $30 from the sale of the last unit produced.
00:23
I assume what this means is that the marginal revenue is 30, right? if it says $30 from the sale of the last, unit produced each week.
00:31
That to me sounds like marginal revenue.
00:34
So here we have to think about, first of all, profits in a.
00:41
Profits are equal to sales or revenues minus costs.
00:47
Well, sales are price times quantity.
00:50
So this is we sell 200 units at a price of 60 each.
00:54
Our costs are 9 ,000.
00:56
So this is equal to 12 ,000 minus 9 ,000 is equal to 3 ,000...
