no handwritten solution please 5. How short-run profit or losses induce entry or exitCitrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demandcurve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus.Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitivecompany. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.PRICE (Dollars per scooter)50045040035030025020015010050 MC00501001ATCDemand150 200 250 300 350 400 450 500QUANTITY (Scooters)MRMonopolistically Competitive OutcomeGiven the profit-maximizing choice of output and price, Citrus Scooters is earningProfit or Losssellers in the industry relative to the long-run equilibrium amount.profit, which means there are Now consider the long run in which scooter manufacturers are free to enter and exit the market.Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of scooters on the following graph.PRICE (Dollars per scooter)QUANTITY (Scooters)Firms earn zero profit in the long run.DemandWhich of the following statements are true for both monopolistically competitive markets and monopoly markets? Check all that apply.Firms are not price takers.DemandO Firms can earn positive profit in the long run.Price is above marginal cost.

Monopolistic competition refers to the market structure that lies between perfect competition and…

5. How short-run profit or losses induce entry or exit Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demar curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competit company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. ? PRICE (Dollars per scooter) 500 450 400 350 300 250 200 150 100 50 MC 0 1 ATC MR Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Scooters) Monopolistically Competitive Outcome Profit or Loss

5. How short-run profit or losses induce entry or exit Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demar curve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus. Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competit company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. ? PRICE (Dollars per scooter) 500 450 400 350 300 250 200 150 100 50 MC 0 1 ATC MR Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Scooters) Monopolistically Competitive Outcome Profit or Loss

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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