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3. How does a monopolistic competitor choose its profit-maximizing quantity of output and
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- How does a monopolistic competitor choose its profit-maximizing quantity of output and price?How can a monopolistic competitor tell whether the price it is charging will cause the firm to earn profits or experience losses?How does advertising intend to shift demand? How does it intend to change the elasticity of demand?
- Suppose that, due to a successful advertising campaign, a monopolistic competitor experiences an increase in demand for its product. How will that affect the price it charges and the quantity it supplies?If the firms in a monopolistically competitive market are earning economic profits or losses in the short run, would you expect them to continue doing so in the long run? Why?Andreas Day Spa began to offer a relaxing aromatherapy treatment. The film asks you how much to charge to maximize profits. The first two columns in Table 10.5 provide the price and quantity for the demand curve for treatments. The third column shows its total costs. For each level of output, calculate total revenue, marginal revenue, average cost, and marginal cost. What is the profit-maximizing level of output for the treatments and how much will the firm earn in profits?
