Analyze the following production data and prepare a, Ask an Expert

Economics

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 6400 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:

1. Remain at current output level.

2. Increase output

3. Decrease output

4. Shut down

5. Uncertain-the figures provided cannot possibly be correct.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9270886

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