Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 3. The graphics of profit maximization in markets with imperfectcompetitionSuppose that Redeye's Game Emporium is in a market with imperfect competition. The graph below shows the firm's demand (D), marginal revenue(MR), marginal cost (MC), and average total cost (ATC) curves.Determine the profit-maximizing level of output and the associated profit-maximizing price. Use the purple rectangle (diamond symbols) to shade thearea that represents the firm's profit at this quantity.PRICE (Dollars per video game)20018016014012010000604020O40MR60 BO 100QUANTITY (Thousands of Video games)D120 140 100 180 200Profit PRICE (Dollars per video game)180228 229 21001401201002000 2011/MRD40 00 80 100 120 140 160 180 200QUANTITY (Thousands of Video games)ProfitEvaluate the following statement: "If the firm chooses to follow the supply rule and produce where MR = MC, demand is price elastic; so therefore, itis possible to increase profit by increasing output."O That is incorrect. Increasing output when demand is price elastic will only increase total revenue, not profit.O That is incorrect. In fact, firms should produce where MR is greater than MC to ensure that they earn positive profit.That is correct. This is the exact reason that firms always operate on the price-inelastic portion of the demand curve.O That is correct. The profit maximum occurs where demand is unit elastic.

Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…

3. The graphics of profit maximization in markets with imperfectcompetition Suppose that Redeye's Game Emporium is in a market with imperfect competition. The graph below shows the firm's demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Determine the profit-maximizing level of output and the associated profit-maximizing price. Use the purple rectangle (diamond symbols) to shade the area that represents the firm's profit at this quantity. PRICE (Dollars per video game) 2 2 2 2 8 8 8 8 2 20 200 160 100 140 100 0 20 MR 40 60 DO 100 120 140 100 QUANTITY (Thousands of Video games) 180 200 D Profit ?

3. The graphics of profit maximization in markets with imperfectcompetition Suppose that Redeye's Game Emporium is in a market with imperfect competition. The graph below shows the firm's demand (D), marginal revenue (MR), marginal cost (MC), and average total cost (ATC) curves. Determine the profit-maximizing level of output and the associated profit-maximizing price. Use the purple rectangle (diamond symbols) to shade the area that represents the firm's profit at this quantity. PRICE (Dollars per video game) 2 2 2 2 8 8 8 8 2 20 200 160 100 140 100 0 20 MR 40 60 DO 100 120 140 100 QUANTITY (Thousands of Video games) 180 200 D Profit ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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