a. The diagram below shows the short-run equilibrium of a firm. Price (RM) 20 17 12 0 50 70 ii. Calculate the firm's total revenue. iii. Calculate the firm's total cost. MC iv. Calculate the firm's profit or loss. i. Is this firm operating in the perfect competition, monopolistic competition, or monopoly market structure? v. Name the type of profit earned by the firm. ATC AR-MR i. Number of firms in the market ii. Type of products sold in the market iii. Ability of the firm to control product price Quantity b. Briefly explain the differences between perfect competition and monopoly in term of the following properties:

a. The diagram below shows the short-run equilibrium of a firm. Price (RM) 20 17 12 0 50 70 ii. Calculate the firm's total revenue. iii. Calculate the firm's total cost. MC iv. Calculate the firm's profit or loss. i. Is this firm operating in the perfect competition, monopolistic competition, or monopoly market structure? v. Name the type of profit earned by the firm. ATC AR-MR i. Number of firms in the market ii. Type of products sold in the market iii. Ability of the firm to control product price Quantity b. Briefly explain the differences between perfect competition and monopoly in term of the following properties:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

None
What is the main difference between a perfectly competitive industry and a monopolistically competitive industry? Select one: a. zero economic profit expected in the long run b. the number of firms in the market c. no barriers to entry d. product differentiation
Dana is a dot-com entrepreneur who has established a Web site at which people can design and buy awatch. Dana pays $200 a month for a Web server and Internet connection. The watches that customers design are made to order by another firm, and Dana pays this firm $60 a watch. Dana has no other costs. The table shows the demand schedule for Dana's watches. What is Dana's profit-maximizing output, price, and economic profit? Dana's profit-maximizing output is Dana's profit-maximizing price is $ Dana's economic profit is $ a month. watches a month. a watch. Price (dollars per watch) 100 80 60 40 20 0 Quantity (watches per month) 0 20 40 60 80 100
The graph shows the demand curve, marginal revenue curve, and marginal cost curve of Java Time, Inc., a producer of espresso machines in monopolistic competition. Draw a point at the firm's the profit-maximizing price and quantity. Label it 1. Draw an arrow that shows Java Time's markup. Draw the average total cost curve such that Java Time does not have excess capacity. Label it. Draw a point at the intersection of the ATC curve and the MC curve. Label it 2. Java Time's markup is $a machine. 240 220- 200- 180- 160- 140 120- 100- 80- 60- 40- 20- 04 0 Price and cost (dollars per machine) MC 100 200 300 400 Quantity (espresso machines per week) D MR 500
Marginal revenue and marginal cost intersect at point Multiple Choice C. d. a. b.
****** SOLVE FOR PROFIT MAXAMIZING QUANTITY, SOLVE FOR PROFIT MAXAMIZING LEVEL OF ADVERTISING AND SOLVE FOR PROFIT MAXAMIZING PRICE** ****** SOLVE FOR PROFIT MAXAMIZING QUANTITY, SOLVE FOR PROFIT MAXAMIZING LEVEL OF ADVERTISING AND SOLVE FOR PROFIT MAXAMIZING PRICE** ****** SOLVE FOR PROFIT MAXAMIZING QUANTITY, SOLVE FOR PROFIT MAXAMIZING LEVEL OF ADVERTISING AND SOLVE FOR PROFIT MAXAMIZING PRICE**
please fast 29. Suppose Wave detergent is sold in a monopolistically competitive market. If the price of Wave detergent is currently $6, and the average cost of producing Wave is $4, in the long run we can expect: Question content area bottom Part 1 A. firms to enter the detergent market and sell products similar to Wave, shifting the demand curve for Wave to the left. B. the producers of Wave to go out of business. C. the producers of Wave to earn economic profits greater than zero. D. firms to enter the detergent market and sell product similar to Wave, shifting the demand curve for Wave to the right. ChatGPT A. firms to enter the detergent market and sell products similar to Wave, shifting the demand curve for Wave to the left.
Which of the following is not a difference between perfect competition and monopolistic competition? The monopolistic competitor faces a downward sloping demand curve. Long run economic profit. Excess capacity. Mark up over marginal cost. « < Question 6 of 40 A Moving to another question will save this response. Close Window
DE Quantity MC MR ATC Demand The graph above represents a firm in a monopolistically competitive market. Which of the following is true? The firm's profit-maximizing quantity is E. The firm is making a profit of (A - B) x D. The firm is making zero economic profits. The firm is making a loss of (A - B) x D.
not use ai please
x Question Completion Status The following graph shows the costs and revenues of a typical firm operating in a certain market condition. What type of market this firm is operating under? Is it a perfect competition, or monopoly, or monopolistic competition market? How can you tell? Explain. MC ATC D AVC Save A
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly