-Anastasia's Gold Mines, a Single-Price Monopoly, Faces the Demand Schedule

question 8

Essay

-Anastasia's Gold Mines, a single-price monopoly, faces the demand schedule shown in the first table above and has the cost schedule shown in the second table above.
a) Calculate Anastasia's marginal revenue schedule. In a figure, draw the demand curve and the marginal revenue curve.
b) Calculate Anastasia's marginal cost and average total cost schedules. In the same figure that you drew the demand and marginal revenue curves, draw the marginal and the average total cost curves.
c) What are Anastasia's profit-maximizing output and price? What is Anastasia's economic profit? Explain your answer.
d) Does Anastasia's Gold Mines use resources efficiently? Explain your answer.

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