demand and total cost
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The following schedule shows demand and total cost for a monopolistic competitor:
Price Quantity Total Cost
$30 10 $200
29 11 208
28 12 217
27 13 227
26 14 238
25 15 250
24 16 263
a. To maximize profit the monopolistic competitor should produce ______ units of output and charge a price of $_______.
b. At this level of output the firm earns a profit of $________.
c. The last unit of output produced and sold adds $________ to revenue and $________ to cost.
d. One more unit of output would add $________ to revenue and $________ to cost, thereby ________ profit by $________.
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Depict demand and total cost.
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