Final answer:
After 36:00 in Hour #1 of the lecture on monopolies, we are determining marginal revenue, marginal cost, and profit maximization.
Step-by-step explanation:
After 36:00 in Hour #1 of the April lecture on monopolies, we are trying to determine three key economic concepts related to monopolies: marginal revenue, marginal cost, and profit maximization. These concepts are critical in understanding how a monopoly decides on the quantity of output to produce and the price to charge for that output. By analyzing the demand curve for its product, a monopolist identifies the output level where marginal revenue equals marginal cost, which is the profit-maximizing point. The monopoly then uses this information to set a price on the demand curve above the marginal cost to maximize profits.