Suppose a monopolist faces consumer demand given by P=700−1Q with a constant marginal cost of $60 per unit (where marginal cost equals average total cost. assume the firm has no fixed costs). If the monopoly can only charge a single price, then it will earn profits of $___. (Enter your response rounded as a whole number.) Correspondingly, the consumer surplus is $___. However, if the firm were to practice price discrimination such that consumer surplus becomes profit, then, holding output constant at 320, the monopoly would have profits of $.

True or false: the student with this role should never submit an asking price of less than $10.50.

Materials purchases (on credit). direct materials used in production. direct labor paid and assigned to work in process inventory. indirect labor paid and assigned to factory overhead. overhead costs applied to work in process inventory. actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) transfer of jobs 306 and 307 to finished goods inventory. cost of goods sold for job 306. revenue from the sale of job 306. assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions.

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