3. 1- A 20 40 60 80 100 Q MR Using the above graph, This profit-maximizing firm will produce Blank 1 units. •MC What price will this profit-maximizing firm charge? $Blank 2 (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) If the industry was perfectly competitive instead of monopolistic, then market output would be Blank 3 units and market price would be $Blank 4. (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) Blank 1 Blank 2 Blank 3 Blank 4 Add your answer Add your answer Add your answer Add your answer

3. 1- A 20 40 60 80 100 Q MR Using the above graph, This profit-maximizing firm will produce Blank 1 units. •MC What price will this profit-maximizing firm charge? $Blank 2 (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) If the industry was perfectly competitive instead of monopolistic, then market output would be Blank 3 units and market price would be $Blank 4. (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) Blank 1 Blank 2 Blank 3 Blank 4 Add your answer Add your answer Add your answer Add your answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose that Spacely Sprockets' marginal cost of a jacket is a constant $150 and the total fixed cost at one of its stores is $3,000 a day. This particular store seils 40 jackets a day, which is its profit-maximizing number of jackets. The nearby stores begin to advertise their jackets. The Spacely Sprockets store now spends $1,500 a day advertising its jackets, and its profit-maximizing number of jackets sold jumps to 50 a day. What happens to the price of a Spacely Sprockets' jacket, Spacely Sprockets' markup, and Spacely Sprockets' economic profit?
Answer the question on the basis of the following short run demand and cost data for a specific firm. Cost Data (2) Price $ 80 76 Demand Data (1) Price 72 68 • decrease. • increase. $ 35 30 25 . 20 15 2 3 10 5 4 5 6 (3) Quantity 7 8 2 3 4 5 64 60 56 In the long run, the number of firms in this monopolistic competitive industry will most likely Multiple Choice 6 Total Output 7 8 Total Cost stay the same. The answer cannot be determined from the given data. $45 55 70 90 115 145 180
With explain this question
Fill in the missing data for this Monopolistically Competitive firm. Don't forget to answer the questions below the chart. I. Average Total Marginal Total Marginal Total Total Quantity Price Revenue Revenue Cost Cost Cost Profit 50 na na -50 1 48 75 2 46 45 37 4 31 135 25 15 32 38 7 175 253 /////// 8. 144 311 9 90 379 /////I/ 10 459 This firm's fixed costs are? Assuming no inflation, we would predict this firm's price to rise/fall/ stay the same. Explain your answer.
Refer to Figure K.. If there were four identical firms in this competitive industry, which of the following price-quantity combinations would be on the market supply curve? Point A B C D (A) A and C only B) Bonly C) B and D only D) A only Price (Dollars) 4 4 Quantity (Units) 16 32 32 6 6 8 64 64
Q. 2
3. Discuss the long debate of economists whether there is a significant loss of well-being to society in markets that are monopolistically competitive rather than perfectly competitive
In the following graphic, how much more will a 1st degree price discriminator make compared to a firm that changes to a firm that charges a single price?
The makers of Tylenol pain reliever do a lot of advertising and have very loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the lowest price. Assume that the marginal costs of Tylenol and generic acetaminophen are the same and constant. a) Draw a diagram showing Tylenol's demand, marginal revenue and marginal cost curves. Label Tylenol's price and mark-up over marginal cost. b) Repeat part (a) for a producer of generic acetaminophen. How do the diagrams differ? Which company has the bigger mark-up? Explain. c) How might barriers to entry influence the behaviour of the makers of Tylenol? d) What factors would affect the extent to which the makers of Tylenol could engage in predatory or destroyer pricing to force out competitors in this market?
Costs and revenue per case 50% a $14 $12 $22 $16 $13 Question 6 Costs and revenue 22 24 30 30 @ 300 The perfectly competitive price would be: MR 22 24 30 3 ATC Demand Quantly (cases) ATC Demand Quantity In the above graph, the firm would earn: $0 in economic profit and break even $44 economic profit $88 economic profit $22 economic loss $44 economic loss
fast;
Question 21 A firm is a price taker only when the market is perfectly competitive. only when the market is perfectly competitive or monopolistic. Oonly when the market is perfectly competitive or monopolistically competitive. when the market is perfectly competitive, monopolistically competitive, or monopolistic. Question 22