Please answer the attached questions Question OneReview the material we have covered in Unit 5 and complete the table below by checking therelevant box to indicate the market structure(s) in which firms are most likely to possess thecharacteristics in the leftmost column.Firm/market characteristicFirms differentiate their productsThere are substitutes for the firms' productFirms cannot earn economic profit in thelong runEach firm faces a downward slopingdemand curvePrice is greater than marginal revenueThe firm's product is homogeneousEach firm produces output where MC = MREach firm produces output where P = MCFirms are free to enter the industryFirms collude formally or informallyPerfectcompetitioMonopolisti OligopolycompetitioncMonopoly Question TwoThe table below provides data for a firm. under monopolistic competition. The firm offerspainting services in a market that is best described as monopolistic competition. The datapresents quantity, costs, and revenues in USD per meter square per week for the firm.Quantity90010001100Price4039381200 371300361400 351500341600 331700 32TotalRevenuei. Complete the tableMargina Total1Revenue Cost - S$270002900031200330003500037000390004200047000AverageTotalCost - $iii. What is the profit maximizing price?iv. What is the maximum profit per week?Margina1 Cost -$Profit perunit - $ii. Based on your calculations, what is your best estimate of the profit-maximizingquantity per week?TotalProfit

Perfect competitive market:In this market, there are large numbers of buyers and sellers. They sell…

Question One Review the material we have covered in Unit 5 and complete the table below by checking the relevant box to indicate the market structure(s) in which firms are most likely to possess the characteristics in the leftmost column. Firm/market characteristic Firms differentiate their products There are substitutes for the firms' product Firms cannot earn economic profit in the long run Each firm faces a downward sloping demand curve Price is greater than marginal revenue The firm's product is homogeneous Each firm produces output where MC - MR Each firm produces output where P = MC Firms are free to enter the industry Firms collude formally or informally Perfect competitio Monopolisti Oligopoly Monopol competition c

Question One Review the material we have covered in Unit 5 and complete the table below by checking the relevant box to indicate the market structure(s) in which firms are most likely to possess the characteristics in the leftmost column. Firm/market characteristic Firms differentiate their products There are substitutes for the firms' product Firms cannot earn economic profit in the long run Each firm faces a downward sloping demand curve Price is greater than marginal revenue The firm's product is homogeneous Each firm produces output where MC - MR Each firm produces output where P = MC Firms are free to enter the industry Firms collude formally or informally Perfect competitio Monopolisti Oligopoly Monopol competition c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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