Given the supply levels y1 and y2, a monopolistic firm's profit is defined as ∏(y1,y2)=p(y∗1)+p(y∗2)−c(y1+y2)∏(y1,y2)=p(y1∗)+p(y2∗)−c(y1+y2). Question 22Select one: True False
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Given the supply levels y1 and y2, a monopolistic firm's profit is defined as ∏(y1,y2)=p(y∗1)+p(y∗2)−c(y1+y2)∏(y1,y2)=p(y1∗)+p(y2∗)−c(y1+y2).
Question 22Select one:
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- Answer choices are first blank: negative, positive, zero second blank: an equal number of, fewer, moreAssume a firm engaging in selling its product and promotional activities in monopolistic competition face short-run demand and cost functions as Q = 20-0.5P and TC= 4Q2 -8Q+15, respectively. Having this information a) Determine the optimal level of output and price in the short run. b) Calculate the economic profit (loss) the firm will obtain (incur). c) Show the economic profit (loss) of the firm in a graphic representation.Assume the figure on the right shows the cost structure for a monopolistically competitive firm selling a particular brand of shoes. MC is the marginal cost curve and AC is the average cost curve. If this firm produces 2 thousand pairs of shoes, does it minimize average cost? How much more would they need to produce to reach minimum average cost? The firm needs to produce an additional thousand pairs of shoes to reach minimum average cost. (Enter your response as an integer.) SEED Price (dollars per pair) 80- 72- 64- 56- 48- 40- 32- 24- 16- 8- 0- 0 1 Quantity (in thousands) MC AG 10 Q 20
- please show me processThe diagram above represents a monopolistically competitive firm. Answer the questions below. Is this firm operating in the short-run or long-run? How do you know? Calculate this firm’s accounting profit. From the diagram, what is the productively efficient output for this firm? From the diagram, economies of scale are maximized at which output level? Explain. From the diagram, what is the allocatively efficient output for this firm? Explain.Exercise 5.3 Sticky Stuff produces cases of taffy in a monopolistically competitive market. The inverse demand curve for its product is P = 50 - Q, where Q is in thousands of cases per year and P is dollars per case. Sticky Stuff can produce each case of taffy at a constant marginal cost of $10 per case and has no fixed cost. Its total cost curve is therefore TC = 10Q. a) To maximize profit, how many cases of taffy should Sticky Stuff produce each month? b) What price will Sticky Stuff charge for a case of taffy? c) How much profit will Sticky Stuff earn each year? d) In reality, firms in monopolistic competition generally face fixed costs in the short run. Given the information above, what would Sticky Stuff's fixed costs have to be in order for this industry to be in long-run equilibrium? Explain.
- An industry said to be characterized by monopolistic competition is the apparel industry. Suppose you were hired as a consultant by a firm in this industry. How would you advise the firm as to the levels of output, price, input usage, and advertising? What problems might the firm encounter?Consider a monopolistically competitive firm that faces demand curve P=160-3Q and total cost curve TC=100+Q². If this firm is profit-maximizing, what is the value of the average total cost (ATC) evaluated at Q*? (note: I am not asking for total costs. It's the value you would mark on your graph when you plug Q* into the ATC curve).Question 5 Based on market research, a film production company (monopolistically competitive firm) in Ectenia obtains the following information about the demand and production costs of its new DVD: Demand: P = 1,000 − 10Q Total Revenue: TR = 1,000Q − 10Q2 Marginal Revenue: MR = 1,000 − 20Q Marginal Cost: MC = 100 + 10Q where Q indicates the number of copies sold and P is the price in Ectenian dollars. a. Find the price and quantity that maximize the company’s profit. b. Find the price and quantity that would maximize social welfare. c. Calculate the deadweight loss from monopoly.
- Determine the profit-maximizing output and price, and discuss its implications, if: You are a monopolistically competitive firm and the inverse demand is P = 100 – Q and your cost is C(Q) = 125 + 4Q2 You are a monopoly and the inverse demand is P = 200 – Q and your cost is C(Q) = 150 + 4Q2Exercise A.4. A company operating in a market of monopolistic competition has an inverse demand curve for its product: P=315-3q, where q is the number of units produced of the good and P its price. The total cost of production of this company is given by: TC(q)=q²+75q+4000. a) To maximize profits, how many units of the good should you sell? b) What price should I charge? (c) What benefits would it reap? (d) Given the above information, how much would you have to reduce fixed costs for longterm equilibrium to occur? Represent graphicallyYOU WILL USE THIS INFO FOR THIS QUESTION AND THE NEXT TWO QUESTIONS. Your firm operates in a monopolistically competitive market. The demand for your firm's product is: = QDEMANDED 92 - (1/2)*P Assume your ATC MC and this never changes; ATC MC 136, for ANY level of output (Q). What is the quantity of output (Q) your firm will produce as it seeks to maximize profits (or minimize losses)? (Notice I am NOT asking "Which comes closest". I am asking for the exact answer.) Multiple Choice О Q=10 о Q=12 О Q=9 О None of the above
