Consider the following information about a monopolist producing at the level of output where MR = MC: quantity = 20, price = $9, average total cost = $6. What is the total revenue and profit?

Question

Quizplus · Accepted Answer

Total revenue is calculated as price multiplied by quantity, which is $9 * 20 = $180. Profit is calculated as (price - average total cost) multiplied by quantity, which is ($9 - $6) * 20 = $3 * 20 = $60.

Consider the Following Information About a Monopolist Producing at the Level