nnectWRE....pptxX Bb Microsoft Word - 4333 SP X000000 F4tent.blackboardcdn.com/6081bcba51357/16016588?X-Blackboard-S3-Buc... ☆2/2 - 100% +1. What is the competitive output?2. What is the competitive price3. What is the monopolistic output?4. What is the monopolistic price?5. What is the monopolistic output?Figure 1 Module....pptxZeF56. Compute (economic) profits earned by the monopolist.7. Compute the consumer surplus under competition.8. Compute the dead weight loss under monopoly.(Hint: use the Cowling and Mueller method for measuring consumer surplus and deadweight)Please submit your work as an email attachment and send to crbrown@astate.edu. Or, you may submitby fax at 870-972-3417. Submit your work before 11:59 p.m. CST on Sunday, January 15.SF6◄◄ContentF7eXtvBb Microsoft Word -F8 F5Price, Cost2006120400Figure 1 Module....pptx-- ww9F640MacBook ProThis question is based on the figure above, which describes cost and demand conditions in the widgetindustry. Assume that costs functions to not vary according to market structure (competition vs.monopoly, for example). The following questions are based on the diagram above:&7«P= 200-20F7MR80▶11tv100F8MC = ATCUnits per daywww.F9A)F10F11+

Perfect competition refers to the market structure characterized by a large number of buyers and…

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ENGR.ECONOMIC ANALYSIS

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ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…
1. If the demand for a good increases at the same time as the supply of the same good decreases, what will happen to the equilibrium price and quantity of the good? Explain. 2. What is the deadweight loss of monopoly? Show the deadweight loss when the monopolist can perfectly price discriminate. 3. What is the point of long run equilibrium of a monopolistically competitive firm. How does it compare to a competitive firm.
The graph above is for the market for broadband home internet. Currently the internet service providers are charging the monthly subscription price of $50. Calculate the total revenue at this price level. 5,000 $4,500 $2,500 $9,000
Define price discrimination. Give two examples of price discrimination. How does perfect price discrimination affect consumer surplus, producer surplus and total surplus?
Business Essentials TRU RED R N H Q5. The figure below shows a monopolistically competitive market for a fictional brand of shampoo called SqueakyKleen. a. What is the price and quantity of SqueakyKleen in the short run? b. What is the efficient price and quantity of Squeaky Kleen? c. Draw the deadweight loss? MC, MR, ATC and Price MC 3 2.5 25 1.5 ATC 0.5 MR D 0 20 40 60 80 100 120 Bottles of shampoo (millions)
3. A monopolistically competitive firm sells boots and has the following in the short run: Demand: P = 80 – 0.5Q %3D MR: MR = 80 – Q TC = 1.5Q? + 40 1.5Q + (40/Q) TC: АТC: MC: MC = 3Q %3D Find the firm's profit maximizing quantity and price. Find the firm's profit or loss. Show some work here: Quantity = Price = Profit or Loss = (circle one, and write the number)
*2
Which of the following statements about price discrimination are true? Choose one or more: A. One example of price discrimination is Subway charging more for its footlong subs than for its 6-inch subs. B. One example of price discrimination is a movie theater charging a lower price for a 2:00 PM movie than it charges for the same movie at 8:00 PM. C. One example of price discrimination is a restaurant that provides a "senior discount" to people over age 50. D. Price discrimination usually leads to higher total surplus than single-price monopolies, and it can even maximize total surplus. a
How does the presence of monopolistic competition influence product variety and innovation in a market? A. It decreases product variety and stifles innovation due to the lack of competition. B. It increases product variety and encourages innovation as firms seek to differentiate their products. C. It has no significant impact on product variety and innovation. D. It leads to standardization of products and processes, reducing product variety but increasing efficiency.
A market tends to be monopolistic if a. The good has too many substitutes b. The good has very few substitutes c. There are too many rivals d. The good has too few complements
When does price competition occur?
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1. What is the competitive output? 2. What is the competitive price 3. What is the monopolistic output? 4. What is the monopolistic price?