A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Marginal Total Cost Marginal Average Cost($) Revenue ($) Cost ($) ($) 0 2 4 6 8 10 12 14 16 18 20 $102 $228 $91 O 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 15.00 What will the firm's profits equal in the short run? Total Revenue ($) 0 48 92 132 168 200 228 252 272 288 300 25.00 23.00 21.00 19.00 17.00 15.00 13.00 11.00 9.00 7.00 5.00 30 35 45 60 77 100 126 165 210 260 320 - 2.50 5.00 7.50 8.50 11.50 13.00 19.50 22.50 25.00 30.00 17.50 11.25 10.00 9.63 10.00 10.50 11.79 13.13 14.44 16.00
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Marginal Total Cost Marginal Average Cost($) Revenue ($) Cost ($) ($) 0 2 4 6 8 10 12 14 16 18 20 $102 $228 $91 O 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 15.00 What will the firm's profits equal in the short run? Total Revenue ($) 0 48 92 132 168 200 228 252 272 288 300 25.00 23.00 21.00 19.00 17.00 15.00 13.00 11.00 9.00 7.00 5.00 30 35 45 60 77 100 126 165 210 260 320 - 2.50 5.00 7.50 8.50 11.50 13.00 19.50 22.50 25.00 30.00 17.50 11.25 10.00 9.63 10.00 10.50 11.79 13.13 14.44 16.00
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Need hwlp with number 8 and 12! Thanks!
Transcribed Image Text:Question 12
A monopolistic competitor has the following information about cost and demand.
Quantity Price ($)
Marginal Total Cost Marginal
Revenue ($)
Cost ($)
($)
0
2
4
6
8
10
12
14
16
18
20
$102
$228
25.00
24.00
23.00
22.00
21.00
20.00
19.00
18.00
17.00
16.00
15.00
$91
Total
Revenue
($)
0
48
92
132
168
200
228
252
What will the firm's profits equal in the short run?
272
288
300
25.00
23.00
21.00
19.00
17.00
15.00
13.00
11.00
9.00
7.00
5.00
30
35
45
60
77
100
126
165
210
260
320
-
2.50
5.00
7.50
8.50
11.50
13.00
19.50
22.50
25.00
30.00
Average
Cost($)
17.50
11.25
10.00
9.63
10.00
10.50
11.79
13.13
14.44
16.00
1 pts
Transcribed Image Text:Question 8
The following table shows the demand curve and cost information for a firm that is a
monopoly.
Price Quantity TC
$30 0
$25 50
$20 100
$15 150
$10 200
If they maximize their profits, what will their profits equal?
$650
$2,000
$2,250
$500
$600
$1,350
$2,300
$3,400
$1,250
1 pts
Expert Solution
Step 1
Since you have posted multiple questions, we will provide the solution to only the first question as per our Q&A guidelines. Please repost the remaining question separately.
Total revenue refers to the revenue a firm generates from operations or sales at different levels of output and price. Marginal revenue refers to the additional revenue generated due to additional sales.
The total cost of production refers to the cost of production a firm incurs at different output levels. Marginal cost refers to the additional cost of production a firm incurs due to additional production.
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