A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Marginal Total Marginal Average Revenue Revenue Cost ($) Cost ($) Cost($) ($) (S) 0 19.00 30.00 2 18.00 36.00 18.00 35.00 2.50 17.50 4 17.00 68.00 16.00 45.00 5.00 11.25 6 16.00 96.00 14.00 60.00 7.50 10.00 8 15.00 120.00 12.00 77.00 10 14.00 140.00 10.00 12 13.00 156.00 8.00 14 12.00 168.00 6.00 16 11.00 176.00 4.00 18 10.00 180.00 2.00 8.50 9.63 100.00 11.50 10.00 126.00 13.00 10.50 165.00 19.50 11.79 210.00 22.50 13.13 260.00 25.00 14.44 20 9.00 180.00 320.00 30.00 16.00 If this industry was perfectly competitive, what price would the good sell for? $13 $12 $15 $14
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Marginal Total Marginal Average Revenue Revenue Cost ($) Cost ($) Cost($) ($) (S) 0 19.00 30.00 2 18.00 36.00 18.00 35.00 2.50 17.50 4 17.00 68.00 16.00 45.00 5.00 11.25 6 16.00 96.00 14.00 60.00 7.50 10.00 8 15.00 120.00 12.00 77.00 10 14.00 140.00 10.00 12 13.00 156.00 8.00 14 12.00 168.00 6.00 16 11.00 176.00 4.00 18 10.00 180.00 2.00 8.50 9.63 100.00 11.50 10.00 126.00 13.00 10.50 165.00 19.50 11.79 210.00 22.50 13.13 260.00 25.00 14.44 20 9.00 180.00 320.00 30.00 16.00 If this industry was perfectly competitive, what price would the good sell for? $13 $12 $15 $14
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A monopolistic competitor has the following information about cost and demand.
Quantity Price ($) Total
Marginal Total
Marginal Average
Revenue Revenue Cost ($) Cost ($) Cost($)
($)
(S)
0
19.00
30.00
2
18.00
36.00
18.00
35.00 2.50 17.50
4
17.00
68.00
16.00
45.00
5.00 11.25
6
16.00
96.00 14.00
60.00
7.50
10.00
8
15.00
120.00 12.00
77.00
10
14.00
140.00 10.00
12
13.00
156.00 8.00
14
12.00
168.00 6.00
16
11.00
176.00 4.00
18
10.00
180.00 2.00
8.50 9.63
100.00 11.50 10.00
126.00 13.00 10.50
165.00 19.50 11.79
210.00 22.50 13.13
260.00 25.00 14.44
20
9.00
180.00
320.00 30.00 16.00
If this industry was perfectly competitive, what price would the good sell for?
$13
$12
$15
$14
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