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Distinguish between marginal pricing and cost-plus pricing.
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- ls uccess Tips ■ccess Tips NOUT Actumpto Koup the Highest/3 3. Is monopolistic competition efficient? Suppose that a firm produces baseball bats in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars par bat) 80 70 60 20 MO о о 10 20 40 ATC 60 QUANTITY (Thousands of bas) Demand Man Camp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, the quantity the firm produces in long-run equilibrium is average total cost. at the the quantity at which…Excrcise: PcQ)= 90-Q , mc= 30 Q: ca) Find thne opnmal Twe-block pricang quantities and prices pricing (b) Single monopliy pricing Pm 2 (C) row ca> cb) on the samc graph Calculate the CS, PS. DWL m part (a) N(b)Price PA OA B Oc Which of the following points represents the profit-maximizing quantity and price of a monopolistic competitor? D Q₂ E MR ATC Quantity
- cosider this statement:" because price equals longr-un average cost and profits are zero, a monopolistically competitive firm is efficient. "Do you agree ir disagree? explainUsing the Online Self Study Certifications table, answer the following question: What is the maximum revenue for individual pricing? Continuing with the Table of Certificate Programs, complete the Total Revenue for the Bundled Programs: Online Self Certifications for Social Work License Online Self Certifications for Social Work License Customers Certification in Online Counseling 28 TR Counseling Certification as a Group Home Counselor Bundle TR Group Home TR Bundle Segment 1 1000 $190 a $70 e $260 49 4a $255 4c Segment 2 1000 $150 b $90 f $240 4b Ho 6 $195 h $230 4d Segment 3 1000 $95 C $160 Segment 4 1000 $35 Per to the information provided in Figure 15.2 below to answer the questions that follo Demand and cost conditions for We Do Hair MC ATC 32 28 24 20 MR 40 46 50 60 Number of perms b. 1) Refer to Figure 15.2. The profit-maximizing number of perms for We Do Hair, a monopolistically competitive firm, is 2) Refer to Figure 15.2. At We Do Hair, a monopolistically competitive firm, the profit- maximizing price for a perm is 3) Refer to Figure 15.2. If We 1Do Hair is maximizing profit as a monopolistically competitive firm, it is earning a profit of 4) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total revenue equals 5) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total costs are 6) Refer to Figure 15.2. From society's point of view, the efficient level of output is 7) Refer to Figure 15.2. In this monopolistically competitive industry, in the long run, Acessibility: Investigate D…
- Price a aa a Ps PA P3 P2 T P₁ Q₁ 82 (P2-P1) × Q2 (P3-P1) × Q2 (P2-P1) × Q1 (P4-P1) × Q1 S MC la AVC ATC Quantity Refer to the figure. When market price is P₁, which area represents a profit-maximizing firm's losses?Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. a. In the graph below, highlight the area of profit or loss. Price per pair ($) Incorrect 10 9 8 7 3 2 1 0 Average total cost 0 10 20 30 40 50 Pairs of gloves (in thousands) Westchesser's profit/loss: $ Marginal cost 80 Incorrect Demand Marginal revenue 60 70 80 90 100 b. Calculate Westchesser's profit/loss at the profit maximizing price. Profit or lossSuppose there are 5 types of consumers: Type A. Type B. Type C. Type D, and Type E. There are 3,000 of each type. Two software products are sold by a monopolist: spreadsheets and word processing. Assume the marginal cost of production is $0. Consumer Type A B C D E Number 3,000 3.000 3,000 3.000 3,000 Spreadsheet 800 300 200 100 0 b. What is profit at this pricing policy? $ Willingness to Pay Word Processor Instructions: Round your answers to the nearest whole number. a. What will be the profit-maximizing bundle price? $ 0 100 200 300 800 Both 800 400 400 400 800 c. How will profit from this pricing policy compare to profit under independent pricing of the two goods? When pricing independently, the profit-maximizing price for spreadsheets is $ processing is $ d. What is profit under independent pricing? $ and the profit-maximizing price for word
- Which of the following is the best example of perfect price discrimination? O A. An airline offers a discount to students. B. Universities give entry scholarships to poorer students. c. Students pay lower prices at the local theatre. D. A hotel charges for its rooms according to the number of days left before the check-in date. E. People who collect the mail coupons get discounts at the local food store,What differentiates monopolistic competition from a monopoly?a A seller operating in a monopolistically competitive market no longar facet a downward-sloping demand curve.b. There are more sellers.c. Firms can enter the market selling similar but not identical productd. (b) and (c)e. all of the above
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