1. The graph shows the demand curve and marginal revenue curve of Lite and Kool, Inc., a producer of running shoes in monopolistic competition. Draw the firm's marginal cost curve if Lite and Kool produces 125 pairs of shoes a week. Label it. Draw a point at the profit-maximizing quantity and price. If the average total cost at the profit-maximizing quantity is $50 a pair, Lite and Kool's economic profit is $_____ 2.A single−price monopoly has marginal revenue and marginal cost equal to $19 at 15 units of output where the price on the demand curve is $38. What is the firm's total revenue? A.$19 B.$570 C.$38 D.$285 E. There is not enough information given to answer the question
1. The graph shows the demand curve and marginal revenue curve of Lite and Kool, Inc., a producer of
running shoes in
Draw the firm's marginal cost curve if Lite and Kool produces 125 pairs of shoes a week. Label it.
Draw a point at the profit-maximizing quantity and price.
If the
2.A single−price
A.$19
B.$570
C.$38
D.$285
E. There is not enough information given to answer the question.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
