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1. Fill in the table below.  Suppose TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost.

1811_Total cost table.jpg

2.  Use graph below and answer the following problems:

Market demand at the beginning is D1, and its corresponding marginal revenue is MR1. Initial ATC is ATC1, and original supply is MC1.  Hence, the monopolist sells _____ units at $ _____ per unit, and his/her total profit is $____________.  After a given time period, due to investment and technological advances, which cost the monopolist an increase in TFC, results in a cost of production decrease to ATC2 and its corresponding supply to MC2.  Monopolist, then, in the absence of price regulation by the government, will like to produce _______ units and charge a unit price of $__________.  Though, due to quality improvements and effective advertising, the demand increases to D2, while its corresponding marginal revenue is MR2, with ATC2 and MC2 remaining unchanged. Monopolist, hence, produces and sells approximately ______ units at $_______ per unit.  His/her total profit is now approximately $___________.

22_market demand.jpg

Microeconomics, Economics

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