Price (dollars per unit)100908.5807055403020100MR₂20 40 60 80 100 140$100; 200$90; 220$80; 200$85; 250MCATC•D₁LRACMR₁200 220 250Quantity (units per week)Using FIGURE #6, assume this firm faces demand curve D₁. If this firm inmonopolistic competition is maximizing profit they will charge a price ofproduce a quantity of ____ units.and Price (dollars per unit)1009085807055403020100MR₂20 40 60 80 100 140MCATC•D₁LRAC*MR₁200 220 250Quantity (units per week)Using FIGURE #6, assume this firm faces demand curve D₁. If this firm inmonopolistic competition is maximizing profitthe firm's profits will rise over time.there will be exit of rival firms out of the industry.there will be entry of rival firms into the industry.the firm will make positive economic profits in the long run.

In monopolistic competitive market there are many firms producing differentiated goods.

Price (dollars p 90 80 70 55 40 30 20 10 0 MR₂ 20 40 60 80 100 140 $100; 200 $90; 220 $80; 200 $85; 250 MC ATC D₁ 200 220 250 Quantity (units per week) LRAC MR₁ Using FIGURE #6, assume this firm faces demand curve D₁. If this firm in monopolistic competition is maximizing profit they will charge a price of produce a quantity of ____ units. and

Price (dollars p 90 80 70 55 40 30 20 10 0 MR₂ 20 40 60 80 100 140 $100; 200 $90; 220 $80; 200 $85; 250 MC ATC D₁ 200 220 250 Quantity (units per week) LRAC MR₁ Using FIGURE #6, assume this firm faces demand curve D₁. If this firm in monopolistic competition is maximizing profit they will charge a price of produce a quantity of ____ units. and

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 revenue? 45 40 35 30 25 20 15 10 5 Select one: a. $64 b. $80 c. $120 MC1 d. $0 because the firm will shut down ATC₁ AVC1 MR1 D₁ 1 2 3 4 5 6 7 8 9 хо
5- 3- 1- 20 40 60 80 100 Q MR Using the above graph, This profit-maximizing firm will produce Blank 1 units. -MC What price will this profit-maximizing firm charge? $Blank 2 (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) If the industry was perfectly competitive instead of monopolistic, then market output would be Blank 3 units and market price would be $Blank 4. (Do NOT enter the '$' in your response. Enter only the whole dollar amount; do NOT enter cents.) Blank 1 Blank 2 Blank 3 Blank 4 Add your answer Add your answer Add your answer Add your answer
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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)
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