Price and cost (dollars per meal) 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0 100 200 MC MR D 300 400 500 Quantity (meals per day) 15) The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium price at this restaurant is. per meal. A) $30 B) $20 C) $50 D) less than $20

Price and cost (dollars per meal) 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0 100 200 MC MR D 300 400 500 Quantity (meals per day) 15) The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium price at this restaurant is. per meal. A) $30 B) $20 C) $50 D) less than $20

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?
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Using the figure above, what is the total revenue for the firm?
Typed plz and asap please provide a high quality solution give all steps as well as calculations and take care of plagiarism also
need help graphing and finding mc