02 Jun Question You have been hired by a monopoly to analyze the foll
Question
You have been hired by a monopoly to analyze the following production data and prepare a proposal suggesting how to maximize profits.
Monopoly Firm
Price
MR
TR
Q
TC
MC
ATC
AVC
6.4
3.1
1000
6400
3
3.24
The data provided by the company is incomplete. You are to complete columns TR and ATC in the chart and make a short-run recommendation, using one of the recommendation actions from the list below. Remember that your goal is to maximize profits. Prepare a one page paper that includes your solutions to the table, your recommendation action, and justification supporting your recommendation.
Recommendation actions:
Remain at current output level.
Increase output
Decrease output
Shut down
Uncertain-the figures provided cannot possibly be correct.
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