## Answers

Q | P | TR | MR | TC | MC | Profit |

1 | 20 | 20 | 20 | 16 | 16 | 4 |

2 | 18.5 | 37 | 17 | 20 | 4 | 17 |

3 | 17 | 51 | 14 | 25 | 5 | 26 |

4 | 15.5 | 62 | 11 | 33 | 8 | 29 |

5 | 14 | 70 | 8 | 42 | 9 | 28 |

6 | 12.5 | 75 | 5 | 53 | 11 | 22 |

7 | 11 | 77 | 2 | 68 | 15 | 9 |

8 | 9.5 | 76 | -1 | 88 | 20 | -12 |

TR=P*Q

MR=Change in TR

MC=change in TC

Profit = TR-TC

ii) The profit-maximizing output will be where MC=MR

Q=4 Units

P=15.5

Profit = 29

iii) The socially optimal quantity will be where P=MC at Q=7 units

A monopoly does not produce this level of output

This is achieved when the goods and services are distributed in an optimal manner and when the price that the firm sets will be equal to the marginal cost where the MC curve intersects the demand curve.

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