A monopolistic competitor has the following information about cost and demand. Price ($) Marginal Cost ($) Quantity Total Revenue Total Cost ($) Marginal Revenue ($) Average Cost($) ($) 15 15 175 14 70 13 180 1 36 10 13 130 11 190 19 15 12 180 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 250 5 10 30 9. 270 3 290 8 9.67 35 8 280 1 335 9.57 40 7 280 -1 385 10 9.63 45 6. 270 -3 465 16 10.33 50 250 -5 565 20 11.3 What will this firm's profits equal in the long run? -$55 $0 $250 $280
A monopolistic competitor has the following information about cost and demand. Price ($) Marginal Cost ($) Quantity Total Revenue Total Cost ($) Marginal Revenue ($) Average Cost($) ($) 15 15 175 14 70 13 180 1 36 10 13 130 11 190 19 15 12 180 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 250 5 10 30 9. 270 3 290 8 9.67 35 8 280 1 335 9.57 40 7 280 -1 385 10 9.63 45 6. 270 -3 465 16 10.33 50 250 -5 565 20 11.3 What will this firm's profits equal in the long run? -$55 $0 $250 $280
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
A monopolistic competitor has the following information about cost and demand.
Quantity |
|
Total Revenue ($) |
Marginal Revenue ($) |
Total Cost ($) |
Marginal Cost ($) |
Average Cost($) |
0 |
15 |
0 |
15 |
175 |
— |
— |
5 |
14 |
70 |
13 |
180 |
1 |
36 |
10 |
13 |
130 |
11 |
190 |
2 |
19 |
15 |
12 |
180 |
9 |
207 |
3.4 |
13.8 |
20 |
11 |
220 |
7 |
225 |
3.6 |
11.25 |
25 |
10 |
250 |
5 |
250 |
5 |
10 |
30 |
9 |
270 |
3 |
290 |
8 |
9.67 |
35 |
8 |
280 |
1 |
335 |
9 |
9.57 |
40 |
7 |
280 |
-1 |
385 |
10 |
9.63 |
45 |
6 |
270 |
-3 |
465 |
16 |
10.33 |
50 |
5 |
250 |
-5 |
565 |
20 |
11.3 |
What will this firm’s profits equal in the long run?
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