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Can someone please help with as much as possible. Q.3.4: Ted has
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Can someone please help with as much as possible.

Q.3.4:

Ted has acquired a monopoly in the production of cricket balls and faces the demand and cost situation shown in the table below.

  • Fill in the missing values in the table
  • If Ted wants to maximise profits what price should he charge and how many cricket balls should he sell? How much profit will he make?
  • to maximise profits, ted should produce where marginal revenue equals marginal cost.
  • Suppose the government imposes a tax of $50 000 per week on cricket ball production. Now what price should ted charge, how many cricket balls should he sell and what would his profits be?
  • Suppose that the government raises the tax in part c to $70 000. Now what price should Ted charge, how many cricket balls should he sell, and what will his profit (or loss) be? Will his decision on what price to charge and how much to produce be different in the short run than in the long run? Briefly explain.

Price

Quantity (per week)

Total revenue

Marginal Revenue

Total Cost

Marignal Cost

$20

15000

300,000

300,000

$330000

19

20000

380,000

80,000

365000

18

25000

450,000

70,000

405000

17

30000

510,000

60,000

450000

16

35000

560,000

50,000

500000

15

40000

600,000

40,000

555000

 







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