Ron's Hamburger Joint is the only restaurant in town. The above figure represents Ron's cost, demand, and marginal revenue curves. Ron operates as a single-price monopoly
a) How many hamburgers does Ron produce?
b) What price does Ron charge for a hamburger?
c) What is Ron's total revenue?
d) What is his total cost?
e) What is Ron's economic profit?
a) Ron produces 20 hamburgers per hour.
b) The price is $6 for a hamburger.
c) Ron's total revenue is $120 an hour.
d) Ron's total cost is $80 an hour.
e) Ron's economic profit is $40 an hour.
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A) consumer tastes and preferences. B) the quality of the good. C) the price of the good. D) consumer income.
Adding an independent variable to a regression model will always reduce the coefficient of determination
Indicate whether the statement is true or false
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The profit-maximizing monopolist will never operate in a price range over which
A) the demand curve slopes downward. B) demand is inelastic. C) P > MR. D) P > MC.