microeconomics monopoly profit maximization
You have been hired by a monopoly to analyze the following production data and prepare a proposal suggesting how to maximize profits.
|
Monopoly Firm |
|||||||
|
Price |
MR |
TR |
Q |
TC |
MC |
ATC |
AVC |
|
6.4 |
3.1 |
|
1000 |
6400 |
3 |
|
3.24 |
The data provided by the company is incomplete. You are to complete columns TR and ATC in the chart and make a short-run recommendation, using one of the recommendation actions from the list below. Remember that your goal is to maximize profits. Prepare a one page paper that includes your solutions to the table, your recommendation action, and justification supporting your recommendation.
Recommendation actions:
- Remain at current output level.
- Increase output
- Decrease output
- Shut down
- Uncertain-the figures provided cannot possibly be correct.
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