The table below shows the costs and demand for the Primrose Oil industry. $\begin{array} { c c c }
\hline \text { Quantity } & \text { Price } & \text { Total Cost } \
\hline 0 & \$ 86 & \$ 40 \
1 & 82 & 70 \
2 & 78 & 90 \
3 & 74 & 120 \
4 & 70 & 160 \
5 & 66 & 210 \
6 & 62 & 272 \
7 & 58 & 348 \
8 & 54 & 440 \
\hline
\end{array}$ a) If this were a perfectly competitive industry, what would be the price, output and total industry profit?
b) If, alternately, this were a monopoly industry, what would the price, output, and total profit?
Hint: Calculate [TR; MR; MC]

Question

The table below shows the costs and demand for the Primrose Oil industry. $\begin{array} { c c c } 
\hline \text { Quantity } & \text { Price } & \text { Total Cost } \
\hline 0 & \$ 86 & \$ 40 \
1 & 82 & 70 \
2 & 78 & 90 \
3 & 74 & 120 \
4 & 70 & 160 \
5 & 66 & 210 \
6 & 62 & 272 \
7 & 58 & 348 \
8 & 54 & 440 \
\hline
\end{array}$ a) If this were a perfectly competitive industry, what would be the price, output and total industry profit?
b) If, alternately, this were a monopoly industry, what would the price, output, and total profit?
Hint: Calculate [TR; MR; MC]

Quizplus · Accepted Answer

The Answer of The table below shows the costs and demand for the Primrose Oil industry. $\begin{array} { c c c } 
\hline \text { Quantity } & \text { Price } & \text { Total Cost } \
\hline 0 & \$ 86 & \$ 40 \
1 & 82 & 70 \
2 & 78 & 90 \
3 & 74 & 120 \
4 & 70 & 160 \
5 & 66 & 210 \
6 & 62 & 272 \
7 & 58 & 348 \
8 & 54 & 440 \
\hline
\end{array}$ a) If this were a perfectly competitive industry, what would be the price, output and total industry profit?
b) If, alternately, this were a monopoly industry, what would the price, output, and total profit?
Hint: Calculate [TR; MR; MC]

The Table Below Shows the Costs and Demand for the Primrose