Use the cost and revenue data to answer the questions...

Use the cost and revenue data to answer the questions. Quantity Price Total revenue Total cost 10 90 900 675 15 80 1200 825 20 70 1400 1025 25 60 1500 1250 30 50 1500 1500 35 40 1400 1850 If the firm is a monopoly, what is marginal revenue when the quantity is 25? MR= What is the marginal cost when quantity is 15? MC= If this firm is a monopoly, at what quantity will marginal profit be $0.00? Quantity= If this is a perfectly competitive market, which quantity will be produced? Quantity=

Transcript

00:01 Okay, so we are given a different state of data which we can represent as follows.

00:08 I'm just going to outline a table here just to make the interesting information a bit clearer.

00:17 So we're basically looking at a firm, which is a monopoly.

00:24 What is this marginal revenue when the quantity is 25? and what is the marginal cost for the planet is 15 and we look at other questions relating to those piece of information okay so let's tabulate the information we give in quantity we have quantity values and we have price values and we do have the total revenue values and as well as the total cost values.

01:06 So we're just going to quickly draw them up.

01:09 So it's a book clear.

01:11 We have this better, smoother line here.

01:18 And we have several options given up to from 10, up to 35.

01:27 And when in 5s, i beg your pardon.

01:32 Okay, so it's going to be 10, 15, 20, 25, 30 and 35.

01:57 Okay, so let's look at the price structure.

02:00 Let's look at the total revenue and we're going to basically look at the total cost as well.

02:06 Just going to do this very quickly for analysis sake.

02:09 You just need to have put out all the information there.

02:12 90 is the price, 80 is the price, the second price, we have 70, we have 60, we have also given 50, and as well as 40.

02:30 So you can see that the price increases the quantity also.

02:36 There's the price decreases, the quantity decreases, which is obviously the demand, the law of demand.

02:48 Okay, so let's look at the total revenue here.

02:51 900 is what is given here as well as 1 ,200 and then we're given 1 ,200 and then we're given 1 ,400 as well as 1 ,400 as 1 ,000 1500, 1500 and 1400, 1 ,500, 1 ,500 and 1 ,500, 1 ,500 and 1 ,400.

03:23 All right.

03:24 Then the total cost is 675 and 825, 1025 and 1250 and 1 ,500 and the last price there on the list is 8.

03:49 Okay, so now we do have our information on hand as given in the analysis.

03:59 So the following is then required based on the information in the table...

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