Please answer the direct question attached using the graph.a. What is the firm's optimal output? b. What is the firm's optimal price? c. What are the firm's maximum profits? d. What adjustments should the manager be anticipating? 3. The following graph summarizes the demand and costs for a firm that operates in a mo-nopolistically competitive market. (LOI, LO3, L05)$220210MC200190180170160150140130ATC120110100908070605040302010MR00 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25Quantity

Step 1:Marginal Revenue (MR) refers to the additional income generated from selling one more unit of…

Answered: 3. The following graph summarizes the…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter16: Monopolistic Competition

Section: Chapter Questions

Problem 5PA

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What will be the economic profit or loss for this monopolistically competitive firm at the profit-maximizing level of output?
QUESTION 19 Refer to the graph below for a monopolistically competitive firm. Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity In the above graph the firm's total revenue at the profit maximization quantity is O $9,000 $16.000 O $14,000 O 55,667
Make a case for why monopolistically competitive industries never reach long-run equilibrium.
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Refer to the graph shown of a monopolistically competitive firm. If the firm maximizes profit, it will earn MC 585 $80 $75 $70 $65 A $60 $55 $50 MR $45 $40 o 4 8 12 16 Price WATC 24 20 Dresses per year in thousands
Lii Question 29 What is this monopolistic competitive firm's total profit? Search & 7 4 Total Marginal Quantity Price Revenue Revenue Total cost Marginal Cost Average Cost 10 $23 $230 $340 $34 20 $20 $400 $17 $400 $6 $20 30 $18 $540 $14 $480 $8 $16 40 $16 $640 $10 $580 $10 $14.50 50 $14 $700 $6 $700 $12 $14 60 $12 $720 $2 $840 $14 $14 70 $10 $700 -$2 $1,020 $18 $14.57 80 $8 $640 -$6 $1,280 $26 $16 Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a $60 b $0 C $720 d $840 * 18 8 وا 144 hp f10 ||4 144 f12 + 口 prt sc delete home 11:25 A 7/2/20 num = ← backspace lock
Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. (? 100 06 80 70 60 ATC 50 40 30 AVC 20 + MC O 10 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of shirts) For each price in the following table, use the graph to determine the number of shirts this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between producing zero shirts and the profit-maximizing quantity. Also, indicate whether the firm will produce, shut down, or be indifferent between the two in the short run. Lastly, determine whether it will make a profit, suffer a loss, or break even at each price. Price Quantity (Dollars per shirt) (Shirts) Produce or Shut Down? Profit or Loss? 15 20 25 55 70 85 COSTS (Dollars)
1. Tom Jackson has been running a successful steakhouse that specializes in serving upscale steak dinners. His current marketing campaign targets residential households. Recently, it was announced that a new conference hotel was to open near his steakhouse, bringing in many potential business customers. Speculation followed that Morton's steakhouse-an upscale steakhouse chain currently marketing to business customers nationallywas considering opening one of its restaurants near the new hotel and would therefore compete with Tom's restaurant. In light of the potential threat from Morton's, Tom began considering the possibility of making a significant investment to change his marketing campaign and target businesses rather than households. In doing so, he estimated the following profit outcomes (in thousands of dollars) resulting from the strategies that he and Mortons might implement: Morton's Marketing Target Enter Don't Enter -$200, -850 $50, $100 $105, $0 Businesses $90, $0 Тоm…
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Dollars per Unit 50 60 O $540. O $840 O $400 O $880 80 90 Quantity MR ATC In the above figure for a monopolistically competitive firm, the total revenue at Lae profit-maximizing point is
(12) Suppose all firms in a monopolistically competitive industry were merged into one large firm. Would that new firm produce as many different brands? Would it produce only a single brand? Explain.

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	Please answer the direct question attached using the graph. a. What is the firm's optimal output?
	b. What is the firm's optimal price?
	c. What are the firm's maximum profits?
	d. What adjustments should the manager be anticipating?