4. To what extent would you suggest that a restaurant such as 'Fifteen' can
exercise monopoly power?
Generally, market power refers to the amount of influence that a firm has on the
industry in which it operates but is mostly based on the company's abilit
Solutions to Review Questions
Profit = TR TC
= PX VX F
= (P V)X F
Profit = operating profit,
TR = total revenue,
TC = total costs,
P = average unit selling price,
V = average unit variable cost,
X = quantity of units,
F = total fixed costs for
Special office hours for final exam:
Friday, Jason will have 1-3 (instead of 1-2)
Monday (just before exam) I will have 10-noon.
Exam is Monday, 1:30 3:30.
Homework assigned today and Wed not due, but
solutions on website.
Final exam rev