Refer to the above table. Given the demand and cost? schedules, what is the profitminusmaximizing price for this? monopolist?
A. $11
B. $10
C. $12
D. $9
Answer: B. $10
the firm should produce at MR=MC to maximize profit
TR=P*Q
MR=(Total revenue at output N - total revenue at output P)\(N-P)
MC=(Total cost at output N - total cost at output P)\(N-P)
the price is
P=10
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