Please help solve all parts of equation 50ATC40302010MCMRDemand102030 40 506070 8090100QUANTITY (Thousands of engines)Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatat theoptimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium isthe efficient scale.True or False: This indicates that there is excess capacity in the market for engines.TrueFalseMonopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of theexternality implies that there is too much entry of new firms in the market.PRICE (Dollars per ! 4. Is monopolistic competition efficient?Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginalrevenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next,place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.10090Mon Comp Outcome807060Min Unit Cost50ATC40302010MCMRDemand10203040 5060708090100QUANTITY (Thousands of engines)PRICE (Dollars per engine)

Monopolistic competition is an imperfect form of competition in which many producers sell products that are distinct from one another.1. P = ATC , at this level, zero economic profits exist because the price of a product allows its producer to make a normal profit and is equal to the average total cost of producing it. 2. Greater than Multiple choice - Correct Option is True. 3. business stealing , there are far too many businesses entering the market.Answer: 1. P = ATC , at this level zero economic profits exist. 2. Greater than True. 3. - business stealing , as too many business are entering the market.

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50 ATC 40 30 20 10 MC MR Demand 20 30 40 50 60 70 80 80 100 10 QUANTITY (Thousands of engines) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. True or False: This indicates that there is excess capacity in the market for engines. True False Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the externality implies that there is too much entry of new firms in the market. PRICE (Doll ars pe

50 ATC 40 30 20 10 MC MR Demand 20 30 40 50 60 70 80 80 100 10 QUANTITY (Thousands of engines) Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. True or False: This indicates that there is excess capacity in the market for engines. True False Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the externality implies that there is too much entry of new firms in the market. PRICE (Doll ars pe

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please help solve all parts of equation

50
ATC
40
30
20
10
MC
MR
Demand
10
20
30 40 50
60
70 80
90
100
QUANTITY (Thousands of engines)
Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that
at the
optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is
the efficient scale.
True or False: This indicates that there is excess capacity in the market for engines.
True
False
Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the
externality implies that there is too much entry of new firms in the market.
PRICE (Dollars per !

4. Is monopolistic competition efficient?
Suppose that a firm produces wooden train engines in a monopolistically competitive market. The following graph shows its demand curve, marginal
revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve.
Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next,
place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost.
100
90
Mon Comp Outcome
80
70
60
Min Unit Cost
50
ATC
40
30
20
10
MC
MR
Demand
10
20
30
40 50
60
70
80
90
100
QUANTITY (Thousands of engines)
PRICE (Dollars per engine)

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