A monopolistic competitor has the following information about cost and demand. QuantityPrice ($)Total Revenue ($)Marginal Revenue ($)Total Cost ($)Marginal Cost ($)Average Cost($)015015175——5147013180136101313011190219151218092073.413.8201122072253.611.2525102505250510309270329089.67358280133599.57407280-1385109.63456270-34651610.33505250-55652011.3 What will this firm’s profits equal in the short run? A monopolistic competitor has the following information about cost and demand.Price ($)Total Cost ($) Marginal Cost($)QuantityTotal RevenueMarginalRevenue ($)AverageCost($)($)151517514701318013610131301119021915121809.2073.413.8201122072253.611.25251025052501030270329089.6735828013359.9.57407280-1385109.63456.270-34651610.33505250-55652011.3What will this firm's profits equal in the short run?-$55$0$250$280

A Monopolistic firm is the one that offers differentiated items that makes it different from other…

Answered: pomt Jave ATSWET A monopolistic…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In a monopolistically competitive industry with zero profits, each firm will produce less than the amount that minimizes average costs. True False
Use the data on the chart for a monopolist. At its profit-maximizing output, this firm's price will exceed its marginal cost by ________ and its average total cost by ________.
The accompanying graph depicts average total cost (ATC) marginal cost (MC), marginal revenue (M), and demand (D) 50 facing a monopolistically competitive firm MC 45 Place point A at the firm's profit maximizing price and quantity 40 35 What is the firm's total cost? ATC 30 25 total cost: 20 15 What is the firm's total revenue? 10 5 total revenue: $ MR 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95100 Quantity What is the firm's total profit? profit: $ Price and Cost ($)
23
Q. 2
Answer Q47 & Q48, based on the following demand and cost data for a specific firm in a monopolistic competitive industry. (1) (2) (3) (4) (5) (6) (7) (8) (9) Total Demand Data Cost Data Profit = TR - TC %3D Output Price-1 TR-1 Price-2 TR-2 Total Cost MC Profit-1 Profit-2 $34 $23 $51 N.A. 3 30 20 60 4 26 17 70 22 14 82 6. 18 11 98 7 14 8 118 47. If columns (1) “Total Output (Q)" and (2) “Price-1" are this firm's demand schedule (i.e., ignore Price-2, TR-2, Profit-2), the profit-maximizing level of output will be units. A) 2 B) 3 C) 4 D) 5 E) 6 48. Suppose that entry of new firms into the industry changes price data in this firm's demand schedule from column (2) to column (4) “Price-2". Then this firm's maximum economic profit will be A) $34 _b) $28 C) $14 D) $0 E) -$5
When producers do not produce the efficient amount of a product because they are unable to charge consumers what they need to do so, then there exists a Multiple Choice competitive market Osupply-side market failure. demand-side market failure monopolistic market 22
BN6.1 How can Price Regulation improve efficiency in a Monopolistic Market?
Demand and Cost facing Monopolist Total Total Marginal Marginal Total Price Quantity Variable Profit Revenue Revenue Cost Cost Cost $10 10 $30 $9 20 $50 $8 30 $60 $7 40 $80 $6 50 $110 $5 60 $150 $4 70 $210 $3 80 $290 $2 90 $390
Question 13 Which of the following is true of a monopolist firm, but NOT of a monopolistically competitive firm? The firm can make strictly positive profits in the long run. The firm's marginal revenue curve is downward sloping and below the price. A profit-maximizing firm produces a quantity such that marginal revenue equals marginal cost. The firm has market power.
Assuming that the monopolistic competitor faces the demand and costs depicted below and finds the profit maximizing level of output, what will be the firm's profit? 36 32 28 24 20 16 12 8 4 $12 $-64 $-32 $8 MC1 ATC₁ AVC+ MR1 D₁ 1 2 3 4 5 6 7 8 9
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Quantity	Price ($)	Total Revenue ($)	Marginal Revenue ($)	Total Cost ($)	Marginal Cost ($)	Average Cost($)
0	15	0	15	175	—	—
5	14	70	13	180	1	36
10	13	130	11	190	2	19
15	12	180	9	207	3.4	13.8
20	11	220	7	225	3.6	11.25
25	10	250	5	250	5	10
30	9	270	3	290	8	9.67
35	8	280	1	335	9	9.57
40	7	280	-1	385	10	9.63
45	6	270	-3	465	16	10.33
50	5	250	-5	565	20	11.3