he following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Board games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 1 15.00 11 2 13.00 20 3 12.00 27
he following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Board games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 1 15.00 11 2 13.00 20 3 12.00 27
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.
Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow.
|
Quantity
|
Price
|
Total Cost
|
Marginal Cost
|
Total Revenue
|
Marginal Revenue
|
Average Total Cost
|
|---|---|---|---|---|---|---|
|
(Board games)
|
(Dollars per game)
|
(Dollars)
|
(Dollars)
|
(Dollars)
|
(Dollars)
|
(Dollars)
|
| 1 | 15.00 | 11 |
|
|
||
|
|
|
|||||
| 2 | 13.00 | 20 |
|
|
||
|
|
|
|||||
| 3 | 12.00 | 27 |
|
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||
|
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| 4 | 10.00 | 36 |
|
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| 5 | 7.00 | 45 |
|
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| 6 | 5.00 | 60 |
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| 7 | 3.00 | 70 |
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| 8 | 1.00 | 104 |
|
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||
Under monopolistic competition, a typical firm will produce _______ board games at a price of $_____ per board game in the short run.
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