1Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $12 for each unit of its output and sells 62units of output per day. The average total cost (ATC) for those 62 units is $18.Instruction: Round your answers below to the nearest whole number.How much revenue will it take in each day? $ookWhat will be its economic profit or loss?FIntLossv of $rencesNext, suppose that entry or exit occurs in this monopolistically competitive industry and establishes a long-run equilibrium.If the firm's daily output remains at 62 units, what price will it be able to charge? $What will be its economic profit or loss?Neither profit nor loss v of $rev1 of 9Next >MacBook Air

Given the price = $12Number of units sold = 62 unitsATC = $18

Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $12 for each unit of its output and sells 62 units of output per day. The average total cost (ATC) for those 62 units is $18. Instruction: Round your answers below to the nearest whole number. How much revenue will it take in each day? $ What will be its economic profit or loss? Loss v of $ Next, suppose that entry or exit occurs in this monopolistically competitive industry and establishes a long-run equilibrium. If the firm's daily output remains at 62 units, what price will it be able to charge? $ What will be its economic profit or loss? Neither profit nor loss v of $

Assume that in short-run equilibrium, a particular monopolistically competitive firm charges $12 for each unit of its output and sells 62 units of output per day. The average total cost (ATC) for those 62 units is $18. Instruction: Round your answers below to the nearest whole number. How much revenue will it take in each day? $ What will be its economic profit or loss? Loss v of $ Next, suppose that entry or exit occurs in this monopolistically competitive industry and establishes a long-run equilibrium. If the firm's daily output remains at 62 units, what price will it be able to charge? $ What will be its economic profit or loss? Neither profit nor loss v of $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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