I would like to know if my answers to part A and B are correct? Monopoly obio Be

Question

I would like to know if my answers to part A and B are correct? Monopoly obio Ben Franklin and Thomas Edison jointly patented a method for anufacturing Adam Smith bobble head dolls. The plan is for a very limited production run. They investigate the potential market for this unique novelty and find their sales and total cost schedules to be as follows: (The costs include a licensing fee to the estate of Adam Smith) Unit Price 200 180 160 140 120 100 80 Total Cost 140 Sales 200 ATC TO QCout me-ATC /A0 220 250 300 380 5 A) Calculate their TR, MR, ATC, MC and profit/loss schedules B) Determine the PMS price, PMS output, per unit profit, and total proft for these ingenious entrepreneurs. /40 l00 e 4 120 100 13 18O 20o 120 a50480 60 30 230 00 300 500 40 60 50 200 140 200 (o 23%, per unt Profit

Explanation / Answer

Ya they are right, PMS price occurs at a point where profit is maximized

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