If you would be so kind to help me with my Economics Review Question (dual-part

Question

If you would be so kind to help me with my Economics Review Question (dual-part to the singular composite question) I would GREATLY appreciate it! Thumbs up to quick, correct, response :)

PART #1:

PART #2:

2nd is 'attempted' not sure if it is correct, or not. Please help! Thanks all

Table 13-14 Quantity Fixed Variable Tota Average Average Average Marginal of OutputCost Cost Cost Fixed Cost Variable Total Cost Cost Cost $23 $38 $33 1 2 3 4 5 6 7 8 $%70 $64 $110 $118 $143 $185 Refer to Table 13-14. What is the total cost of producing 7 units of output? A. $185 O B. $10 OC. $153 O D. $143

Explanation / Answer

The total cost of producing 7 units of output is $153.

When a monopolist reduces the quantity of output it produces and sells B. the price of its output increases.

Q FC(TC-VC) VC TC AFC AVC ATC MC 1 10 23 33 110 23 33 -- 2 10 38 45 5 19 24 15 3 10 60 70 3.33 20 23.33 22 4 10 64 74 2.5 16 18.5 4 5 10 100 110 2 20 22 36 6 10 118 128 1.67 19.66 21.33 18 7 10 143 153 1.43 20.42 21.85 25 8 10 175 185 1.87 21.85 23.12 32

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