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4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?

4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter10: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 1.1P
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4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?
Transcribed Image Text:4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?
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