riversity - Welcome to My. XHomework (Ch 16).x MindTap - Cengage Leamingà ng.cengage.com/static/nb/ui/evo/index.html?deploymentid=5981412232614779684085777463&#ISBN=9780357133576&id=1456476913&snapshotld=2884466&ristopher Lee v* CENGAGE MINDTAPy HomeHomework (Ch 16)CoursesPlace the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitivecompany. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.Catalog and Study Tools(2Rental OptionsCollege Success Tips500Career Success Tips450OMMENDED FOR YouMonopolistically Competitive Outcome400350SQUATQuadripGluteus MaximusErector Spinae300Profit or Loss250achine Exercises: Lower200ody150ATCMachine100e Help50"MCO Give FeedbackMRDemand100150 200 250 300 350 400 450 s00QUANTITY (Bikes)Given the profit-maximizing choice of output and price, the shop is makingv profit, which means there arev shops in the industry relative to the long-run equilibrium.Now consider the long run in which bike manufacturers are free to enter and exit the market.P Type here to searchP3O72*F ClousFIEscF2FOF9FIDF12#%5WER TYPPRICE (Dolars per bike)

Monopolistically competitive market:- Monopolistic competition describes a market where several…

Homework (Ch 16) Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. 500 450 400 Monopolistically Competitive Outcome 350 300 Profit or Loss 250 200 150 ATC 100 50 MC MR Demana 100 200 250 300 350 400 450 500 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making v profit, which means there are v shops in the industry relative to the long-run equilibrium. Now consider the long run in whhich hike PRICE (Dolars per bike)

Homework (Ch 16) Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitive company. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss. 500 450 400 Monopolistically Competitive Outcome 350 300 Profit or Loss 250 200 150 ATC 100 50 MC MR Demana 100 200 250 300 350 400 450 500 QUANTITY (Bikes) Given the profit-maximizing choice of output and price, the shop is making v profit, which means there are v shops in the industry relative to the long-run equilibrium. Now consider the long run in whhich hike PRICE (Dolars per bike)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. Use the graph to highlight the area of profit or loss and answer the questions, Price per pair (5) 10 20 Marginal profit or loss: $ Aver co Pairs of gloves (in thousand) Demand 70 80 90 100 Profit or loss Calculate Westchesser's profit or loss at the profit-maximizing price. What will happen to the number of firms in this industry in the long run? Firms will enter this industry, increasing the price at which each firm can sell their gloves until firms begin to earn normal profits. O Firms will exit this industry, increasing the price at which each firm can sell their gloves until firms begin to carn normal profits. O Firms will exit this industry, decreasing the price at which each firm can sell their gloves until firms begin to carn normal profits. O Firms will enter this industry, decreasing the price at which each firm can sell their gloves until firma begin to carn normal profits
Price (costa) 17. The diagram above illustrates: ATC A purely competitive firm earning economic profit A purely competitive firm which is only able to break even when it is maximizing economic profit A firm which should shut down immediately A monopolistically competitive firm that is earning normal profit OA purely competitive firm that is making economic losses
Monopolistic Competition a. Graphically represent a monopolistically competitive firm, using the curves that would provide information such as the profit maximizing price and quantity as well as the cost at the profit maximizing quantity. b. Show the profit maximizing price and quantity for this firm at a price of $185 and a quantity of 7500. c. Show this firm earning a profit of $45000. Make sure to solve for the numerical value for the average total cost (ATC) at the quantity of 7500. d. As this is a short run scenario, state what will happen to the product price and average costs for this firm as it transitions from the short-run to the long-run.
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1) options are negative, positive, zero 2) options are more, fewer, or an equal number of
If this graph represents the market for Sonoran hotdogs in Tucson , which statement is true? A The market is monopolistically competitive and at its long run equilibrium B The market is a monopoly and firms are earning positive profits C The market is an oligopoly and firms are earning positive profits D The market is perfectly competitive and firms are suffering losses E The market is monopolistically competitive and not at its long run equilibrium
25. When monopolistically competitive firms advertise they hope to _________ and __________. When monopolistically competitive firms advertise they hope to _________ and __________. decrease market share; increase average total cost increase market share; increase average total cost increase market share; decrease average total cost decrease market share; decrease average total cost
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Answer the question based on the demand and cost schedules for a monopolistically competitive firm given in the table below. Price $18 16 14 12 10 8 Multiple Choice $8 $12 $14 Quantity Demanded 1 2 $16 3 4 5 6 What price will this monopolistically competitive firm charge to maximize profits? Total Cost $ 10 20 29 36 40 42 Output 1 2 3 4 5 6 >
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Question 37 A monopolistically competitive firm cannot make strictly negative profits in the long run because The firm’s optimal quantity is to produce where marginal revenue equals marginal cost The firm must operate at the efficient scale Either the firm exits or the exit of other firms shifts its demand curve to the right, raising profits until it makes zero profits. Exit of other firms shifts the market supply curve to the left and raises the price until firms make zero profits