1 Answer the following question based on the graph below, which is for Blue Smooth Yoga Mats Ltd. one of 50 small firms operating inthe industry.MR90 •ACMC75604530151252506253755008757501000125250Quantity per periodPrice, costs a. What is the profit-maximizing output?Output:b. What price will the firm charge?Price: $c. How much excess capacity exists at the output in (a)?Excess capacity:|d. Is Blue Smooth making economic profits?(Click to select) :e. Is the current situation long-run equilibrium?(Click to select)

In monopolistic competition, there are many firms with free entry and exit. Long run economic profit…

a. What is the profit-maximizing output? Output: b. What price will the firm charge? Price: $ c. How much excess capacity exists at the output in (a)? Excess capacity:| d. Is Blue Smooth making economic profits? (Click to select) : e. Is the current situation long-run equilibrium? (Click to select)

a. What is the profit-maximizing output? Output: b. What price will the firm charge? Price: $ c. How much excess capacity exists at the output in (a)? Excess capacity:| d. Is Blue Smooth making economic profits? (Click to select) : e. Is the current situation long-run equilibrium? (Click to select)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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Question

a. What is the profit-maximizing output?
Output:
b. What price will the firm charge?
Price: $
c. How much excess capacity exists at the output in (a)?
Excess capacity:|
d. Is Blue Smooth making economic profits?
(Click to select) :
e. Is the current situation long-run equilibrium?
(Click to select)

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\table[[\table[[Output], [per], [Month]], Price, \table[[Total], [Revenue]], Total Cost,Total Profit, \table [[Marginal], [ Revenue** Output per Month Price 0 $1,000 100 Total Revenue $0 1,000 100,000 Total Cost Total Profit Marginal Revenue* Average Revenue* Profit per Cost Total Cost Unit (Price - ATC) $60,000 -$60,000 90,000 10,000 $1,000 $300 $900 $100 200 1,000 200,000 130,000 70,000 1,000 400 650 350 300 1,000 300,000 180,000 120,000 1,000 500 600 400 400 1,000 400,000 240,000 160,000 1,000 600 600 400 500 1,000 500,000 320,000 180,000 1,000 800 640 360 600 1,000 600,000 420,000 180,000 1,000 1,000 700 300 700 1,000 700,000 546,000 154,000 1,000 1,260 780 220 800 1,000 800,000 720,000 80,000 1,000 1,740 900 100 900 1,000 900,000 919,800 -19,800 1,000 1,998 1,022 -22 "Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and revenues from one output level to another by 100 to calculate marginal revenue and marginal…