Table 10-1 A Monopoly Producer of Foreign Language Translation Software Faces a |

question 233

Multiple Choice

Table 10-1
$$\begin{array} { | c | c | c | } \hline \text { Price per Unit } & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (units) }\end{array} & \begin{array} { c } \text { Total Cost of } \\\text { Production } \\\text { (dollars) }\end{array} \\\hline \$ 85 & 10 & \$ 530 \\\hline 80 & 11 & 540 \\\hline 75 & 12 & 550 \\\hline 70 & 13 & 560 \\\hline 65 & 14 & 575 \\\hline 60 & 15 & 595 \\\hline 55 & 16 & 625 \\\hline\end{array}$$
A monopoly producer of foreign language translation software faces a demand and cost structure as given in Table 10-1.
-Refer to Table 10-1.What is the amount of the firm's profit?

• A)$335
• B)$350
• C)$880
• D)$910

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Definitions:

Price Doubles

A situation where the price of a good, service, or commodity increases to twice its previous level, affecting supply and demand dynamics.

Intensive Margin

The degree to which factors of production, such as labor, are utilized more intensely to increase output in the short term.

Consumption Changes

Variations in the amount and types of goods and services used by households over time.

Barley Crop

A cereal grain that is used worldwide as fodder for animals, as a source of fermentable material for beer and certain distilled beverages, and as a component of various health foods.