Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Compare the average cost and the output in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitive firm bycompleting the following table.Under...Monopolistic CompetitionPerfect CompetitionAverage CostOutput(Dollars per football) (Thousands of footballs per month)Because this market is a monopolistically competitive market, the firm's average cost in long-run equilibrium isaverage cost it would achieve as a firm operating in a perfectly competitive market.The output of a monopolistically competitive firm in long-run equilibrium isdifference in output is known as thethe long-runthe output of a perfectly competitive firm. Thisof a monopolistically competitive firm. Suppose that a firm produces footballs in a monopolistically competitive market. The following graph shows its demand curve (D), marginal revenuecurve (MR), marginal cost curve (MC), and long-run average cost curve (LRAC). Assume that all firms in the industry face the same coststructure.Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next,place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitivemarket.Note: Dashed drop lines will automatically extend to both axes.PRICE, COSTS, AND REVENUE (Dollars per football)10090807060504030201000MCLRACDMR8010 20 30 40 50 60 70QUANTITY (Thousands of footballs per month)90100Monopolistic Competition OutcomePerfect Competition Outcome(?)

Average total cost refers to the per unit cost of the product-

Compare the average cost and the output in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitive firm by completing the following table. Under... Average Cost Output (Dollars per football) (Thousands of footballs per month)

Compare the average cost and the output in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitive firm by completing the following table. Under... Average Cost Output (Dollars per football) (Thousands of footballs per month)

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

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Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

Compare the average cost and the output in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitive firm by
completing the following table.
Under...
Monopolistic Competition
Perfect Competition
Average Cost
Output
(Dollars per football) (Thousands of footballs per month)
Because this market is a monopolistically competitive market, the firm's average cost in long-run equilibrium is
average cost it would achieve as a firm operating in a perfectly competitive market.
The output of a monopolistically competitive firm in long-run equilibrium is
difference in output is known as the
the long-run
the output of a perfectly competitive firm. This
of a monopolistically competitive firm.

Suppose that a firm produces footballs in a monopolistically competitive market. The following graph shows its demand curve (D), marginal revenue
curve (MR), marginal cost curve (MC), and long-run average cost curve (LRAC). Assume that all firms in the industry face the same cost
structure.
Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next,
place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitive
market.
Note: Dashed drop lines will automatically extend to both axes.
PRICE, COSTS, AND REVENUE (Dollars per football)
100
90
80
70
60
50
40
30
20
10
0
0
MC
LRAC
D
MR
80
10 20 30 40 50 60 70
QUANTITY (Thousands of footballs per month)
90
100
Monopolistic Competition Outcome
Perfect Competition Outcome
(?)

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