a. Label the four curves in the graph above. Double-click on each of the question marks on the graph and select the correct label.b. What is the profit-maximizing output and price?OutputunitsPrice: $c. At the output in (b), what are the amounts ofTotal cost: $Total revenue: $Economic profit: $d. How much excess capacity exists?unitse. What will the presence of economic profits do?Result in the entry of new firms into the industryf. As a result of your answer to (e), the demand curve in the above graph willshift to the left v1 of 6SAMSUNGNext>h The graph below is for Chic and Sharpe Ltd., a firm in the women's garment industry, which is monopolistically competitive.Cost and revenues7060504030100Seleg vSelectQuantity per periodSelectSelect v10 20 30 40 50 60 70 80 90O SearchPrev1 of 6 HHHNext >

Monopolistic competition is when many firms are offering similar products and services but not…

a. Label the four curves in the graph above. Double-click on each of the question marks on the graph and select the correct lab b. What is the profit-maximizing output and price? Output units Price: $ c. At the output in (b), what are the amounts of Total cost: $ Total revenue: $ Economic profit: $

a. Label the four curves in the graph above. Double-click on each of the question marks on the graph and select the correct lab b. What is the profit-maximizing output and price? Output units Price: $ c. At the output in (b), what are the amounts of Total cost: $ Total revenue: $ Economic profit: $

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

The graph below is for Chic and Sharpe Ltd., a firm in the women's garment industry, which is monopolistically competitive.
Cost and revenues
70
60
50
40
30
10
0
Seleg v
Select
Quantity per period
Select
Select v
10 20 30 40 50 60 70 80 90
O Search
Prev
1 of 6 HHH
Next >

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a. Why, in perfect competition, is the marginal revenue curve perfectly elastic? b. Why is the marginal cost curve shaped the way it is?
Sub : EconomicsPls answer very fast.I ll upvote. Thank You
D) What is total cost at the profit-maximizing quantity? E) What is the profit at the profit-maximizing quantity? F) What is total variable cost at the profit-maximizing quantity?
Part a a.an economic profit b.a normal profit c.a loss Part c a.an economic profit b.a normal profit c.a loss . .
Suppose fixed costs are $10,000, variable costs are $40,000 and the price of the good is $10 and quantity of the good the firm sells is $10,000. A. Caluclate Total Costs. B. Caluclate Total Revenue. C. Calculate the Firm's Profits.
What is the firms profit or loss?
I DO NOT NEED THE CHART I ONLY NEED THE QUESTIONS Quantity of Output Total Cost Marginal Cost Average Total Cost 0 $100 1 $120 2 $135 3 $145 4 $160 5 $180 6 $205 7 $240 8 $285 9 $350 10 $440 Approximately where do you think the price will end up in this market over the long run? Explain your answer. Last, instead of assuming a given price, how would you go about finding the equilibrium price if you were given information on market demand? Assume that this market is made up of 10 identical sellers with costs as above, and that market demand can be given as below. It may be useful to construct a column for market supply knowing the cost information per seller and that there are ten identical sellers in the market.
24) What are shut-down losses (if the firm shuts down)?
Price (dollars per cup) $6.00 MC ATC 3.50 A 2.50 B Demand 0 1 2 3 4 5 6 7 8 9 10 Quantity MR (cups per week) According to the graph, if the firm is maximizing profits what is the dollar value of the profit?
I. A company produces at an output level where marginal cost is equal to marginal revenue and has the following revenue and cost levels: Total revenue = $1,450 Total cost = $1,500 Total variable cost = $1,300 What would you suggest? a. Shut down. b. Continue to produce because the loss is less than the total fixed cost. c. Increase production to lower the marginal cost. e. Raise the price. II. At current long-run production levels, the marginal revenue of a competitive firm is $15 and the marginal cost of the firm is $15. If the market is perfectly competitive, the firm should a. cut back on production. b. stop production all together. c. produce more. d. continue producing at current levels.
Dollars A BC O Hi K O G O Multiple Choice I ELM N MC MR Quantity Refer to the diagram. At the profit-maximizing level of output, the firm will realize ATC Demand an economic profit of A-B-H-J. a loss of GH per unit. an economic profit of A-C-G-J. a loss of JH per unit.