A monopolistic competitor has the following information about cost and demand.Price ($)Total Cost ($)Marginal Cost($)QuantityTotal RevenueMarginalRevenue ($)AverageCost($)($)2525302244823352.517.5423922145511.256.2213219607.51082116817778.59.6310202001510011.5101219228131261310.514182521116519.511.7916172729.21022.513.13181628872602514.441530053203016If this industry was perfectly competitive, what price would the good sell for?$15$19$21$2320

In a perfectly competitive market there are large number of firms producing similar and identical…

Answered: Price ($) Quantity Marginal Revenue ($)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

4 ✓ 7 ✓ 10 ✓ 13 ✓ 19 ✓ 5 ✓ 22 8 ✓ 11 14 > 12 16 17 18 ✓ ✓ ✓ 15 A> 20 21 Y ✓ 23 24 5 6 7 8 Reference: Ref 13-12 (Table: Prices and Demand) Look at the table Prices and Demand. The New Orleans Saints have a monopoly on Saints hats, and we know that the Saints must charge the same price for every hat sold. The marginal revenue of the fourth unit is: A) $24. B) $16. C) $22. 20 18 16 14 D) -$2. Question 26 (Mandatory) (1 point)
W ECON 2100 Compatibility Mode Home Insert Draw Design Layout References Mailings Review View Share O Comments 2. Line D represents the market demand curve for polo shirts; if the polo shirt market is perfectly competitive and MC represents the market supply curve. But if the shirts are produced by a single monopoly firm, MR represents the marginal revenue curve for a monopolist producer of polo shirts and MC represents the marginal cost curve for that monopolist. 48 44 40 36 32 MC 28 20 16 12 8 4 MR 4 12 16 20 24 28 32 36 40 44 48 Quantity of Polo shirts a. If the polo shirts are supplied by a perfectly competitive industry, what will be the output and price? (Please explain your answer.) b. If the polo shirts are supplied by a monopoly, what will be the output and price that the monopoly would choose? (Please explain your answer.) c. Please show on the graph the dead weight loss associated with monopoly price/quantity outcome? Page 2 of 4 639 words English (United States) Focus +…
Quantity, price, total revenue, and total cost for a monopoly firm that produces cement are listed in the table below. Quantity, (Q) (tons) Price (P) Total Revenue (TR) Total Cost (TC) 11 $1,000$⁢1,000 $1,000$⁢1,000 $710$⁢710 22 $905$⁢905 $1,810$⁢1,810 $785$⁢785 33 $810$⁢810 $2,430$⁢2,430 $875$⁢875 44 $715$⁢715 $2,860$⁢2,860 $1,070$⁢1,070 55 $620$⁢620 $3,100$⁢3,100 $1,310$⁢1,310 66 $525$⁢525 $3,150$⁢3,150 $1,650$⁢1,650 77 $451$⁢451 $3,160$⁢3,160 $2,290$⁢2,290 Determine the firm's profit-maximizing price. Write the exact answer. Do not round.
Table 2 shows Media Cable’s demand table, total revenue, and marginal revenue at each price. What is the price effect of reducing the price from $100 to $80?Table 2 Price Amount Demanded Total Revenue Marginal Revenue $160 0 $0 n/a $130 90 $11,700 $130.00 $100 200 $20,000 $75.45 $80 350 $28,000 $53.33 $40 600 $24,000 -$16.00 $0 850 $0 -$96.00 Question 5 options: a) $4,000 b) -$20,000 c) $28,000 d) -$4,000 e) $12,000
PRICE (Dollars per gigabyte of data) 20 18 16 14 0 0 2 MR 5 QUANTITY (Gigabytes of data) 6 O True False 8 ATC MC 9 10 D + Which of the following statements are true about this natural monopoly? Check all that apply. Monopoly Outcome It is more efficient on the cost side for one producer to exist in this market rather than a large number of producers. The 5G LTE company is experiencing diseconomies of scale. The 5G LTE company is experiencing economies of scale. In order for a monopoly to exist in this case, the government must have intervened and created it. True or False: Without government regulation, natural monopolies never earn zero profit in the long run.
II. Problem 1. Tennis Products, Inc., produces three models of high-quality tennis rackets. The following table contains recent information on the sales, costs, and profitability of the three models: Average Quantity Sold (Units/Month) 15,000 5,000 10,000 Variable, Cost per Contribution Current Price Total Margin Per Unit Contribution Model Revenue Unit Margin* $225,000 85,000 250,000 $560,000 A $30 $450,000 175,000 450,000 $1,075,000 $15 $15 B 35 18 17 C 45 20 25 Total * Contribution to fixed costs and profits. The company is considering lowering the price of Model A to $27 in an effort to inçrease the number of units sold. Based on the results of price changes that have been instituted in the past, Tennis Products' chief economist estimates the arc price elasticity of demand to be -2.5. Furthermore, she estimates the arc cross elasticity of demand between Model A and Model B to be approximately 0.5 and between Model A and Model C to be approximately 0.2. Variable costs per unit are…
250 225 Revenue Lost 200 175 150 Revenue Gained 125 Demand 100 75 50 25 3 4 7 8 9. 10 QUANTITY (Fire engines) Gilberto increase production from 7 to 8 fire engines because the dominates in this scenario. True or False: If Gilberto's Fire Engines were a competitive firm instead and $100,000 were the market price for an engine, decreasing its price from $100,000 to $50,000 would result in the same change in the production quantity and, thus, total revenue. O True O False acer Σ 2. 1. PRICE (Thousands of dollars per fire engine)
Price (dollars per jacket) 888888 180 160 140 120 100 60 40 20 0 80 160 MC profit; $13,000 profit; $7,200 Oloss; $8,000 In the figure above, Gap's economic loss: $13,000 ATC The figure shows the demand curve for Gap jackets (D), and Gap's marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC). MR 240 320 400 Quantity (jackets per day)
The information in the table shows the total demand for water service in Takoma. Assume that there are two companies operating in Takoma. Each company that provides these services incurs an annual fixed cost of $400 and that the marginal cost of providing the service to each customer is exactly $2.00. Figures listed are for an annual service contract. Quantity 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 Price 60 55 50 45 40 35 30 25 b. Refer to Table 17-36. Suppose these 2 firms are price competing with each other (as what happens in a perfectly competitive market). What would total output be? a. 0 21250 1200
26 $55 $50 $45 I of $40 $35 $30 $25 $20 Demand = P $15 $10 $5 MR $0 40 80 120 160 200 240 Output (Q) The diagram above shows the Demand and Marginal Revenue curves for a monopolist. Which of the following general relationships is NOT demonstrated in the diagram? Select one: a. Price is greater than Marginal Revenue. b. Price equals Demand. c. The Marginal Revenue curve is steeper than the Demand curve. d. Marginal Revenue equals Price at each Output. $$$
Exhibit 23-9 Price (dollars) $10 9 8 7 6 5 4 3 2 1 25; 7 20; 8 35; 5 Refer to Exhibit 23-9. A single-price monopolist that seeks to maximize profits will sell of ________ dollars. 10; 10 Quantity Sold (units) 45; 3 10 15 20 25 30 35 40 45 50 55 Total Cost (dollars) $ 51 75 99 125 150 175 200 225 250 275 units and charge a per-unit price
Table 17-2 The information in the table depicts the total demand for wireless Internet subscriptions in a small urban market. Assume that each wireless Internet operator pays a fixed cost of $100,000 (per year) to provide wireless Internet in the market area and that the marginal cost of providing the wireless Internet service to a household is zero. Quantity 0 2000 4000 6000 8,000 Price (per year) $180 $150 $120 $90 $60 10,000 $30 12,000 $0 Refer to Table 17-2. Assume that there are two profit-maximizing wireless Internet companies operating in this market. Further assume that they are not able to "collude" on price and quantity of wireless Internet subscriptions to sell. How many wireless Internet subscriptions will be collectively sold (by both firms) when this market reaches a Nash equilibrium? Oa. 2000 Ob.4000 OC. 6000 O d. 58000

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS