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Profit for a firm is total revenue minus total cost tc and profit per unit is simply price minus average cost.
Revenue equation for monopolist. Next find the output level on the average cost. Demand and marginal revenue curves for marty s ski park monopoly if he charges 50 for a day pass marty can sell 40 passes per day for a total daily revenue of 2 000. If marty reduces the price to 40 he can sell 80 passes per day for a total daily revenue of 3 200. That rectangle is total revenue.
Derive the marginal revenue equation based on this linear demand curve. Profits for a monopolist can be illustrated with a graph of total revenues and total costs as shown with the example of the hypothetical healthpill firm in this figure the total cost curve has its typical shape. Given these equations the profit maximizing quantity of output is determined through the following steps. Determine marginal revenue by taking the derivative of total revenue with respect to quantity.
Marty s marginal revenue for the first 40 passes is 50 per pass. That is total costs rise and the curve grows steeper as output increases. A monopolist for a specialized product faces a market demand curve of p 5000 4q. Total cost and total revenue for a monopolist.
Generated the total revenue equation.
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