Explain what is the short-run condition for the monopolist, Ask an Expert

Economics

Q. Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not?

Q. A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. the marginal revenue is $3.00. EXplain what is the short-run condition for the monopolist and what output changes would you recommend, if any

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9221449

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