1) options are negative, positive, zero2) options are more, fewer, or an equal number of Show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of scooters on the following graph.PRICE (Dollars per scooter)QUANTITY (Scooters)DemandWhich of the following statements are true for both monopolistically competitive markets and monopoly markets? Check all that apply.Price equals average total cost in the long run.Firms are not price takers.Firms earn zero profit in the long run.✔Price is above marginal cost.Demand Citrus Scooters is a company that manufactures electric scooters in a monopolistically competitive market. The following graph shows the demandcurve, marginal revenue curve (MR), marginal cost curve (MC), and average total cost curve (ATC) for Citrus.Place the black point (plus symbol) on the graph to indicate the short-run profit-maximizing price and quantity for this monopolistically competitivecompany. Then, use the green rectangle (triangle symbols) to shade the area representing the company's profit or loss.PRICE (Dollars per scooter)5004504003503002:502001501005000MC50more100MRATC150 200 250 300 350 400QUANTITY (Scooters)Demand500Monopolistically Competitive OutcomeProfit or LossGiven the profit-maximizing choice of output and price, Citrus Scooters is earning negative profit, which means there aresellers in the industry relative to the long-run equilibrium amount.Now consider the long run in which scooter manufacturers are free to enter and exit the market.

In monopolistic competition, profit is maximised at a point where marginal revenue is equal to…

Answered: Show the possible effect of this free…

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

PLEASE SHOW SOLUTIONS AND PLEASE DO THIS TYPEWRITTEN FOR UPVOTE
PLEASE SHOW SOLUTIONS AND PLEASE DO THIS TYPEWRITTEN FOR UPVOTE
1) You own a DVD of the film 'A Beautiful Mind'. The opportunity cost of watching the DVD the second time A) is one-half the cost of the DVD, since this is the second time you have watched it. B) the amount of money you could get from selling the DVD after watching it the first time. C) is the value of the best alternative use of the time you spend watching the DVD on this occasion. D) is zero as you already own the DVD.
Joko is a university student, working part-time at copying service center for Rp. 8/hour with zero non-labor income. (a) Graph Joko’s budget constraint and label the utility-maximing outcome if Joko opts to work 40 hours per week. (b) Suppose Joko’s parents decide to send him Rp.100/week. Graph Joko’s new budget constraint. (c) How many hours will Joko now have to work to maintain the same weekly income as in (a)?
What are the usual steps in Benefit – Cost Analysis? a) Try to figure out what result or conclusion you want, and then set the assumptions to make sure the analysis produces that result. b) Identify the potential benefits and figure out a way to valuate them. c) Identify the potential costs and valuate them. d) Dismiss those benefits and costs to which you cannot assign a numerical value e) Estimate the probability of each of the benefits and costs actually materializing or occurring. f) Mulltiply the value of costs and benefits by their respective probabilities to arrive at the "mathematical expectation" or "mathematically expected" value. g) For costs and benefits expected in the future, especially distant future, discount their value to the present time, using a "reasonable" discounting rate.
2) Explain how utility could be used in a decision where performance is not measuredby monetary value.
Janet needs to buy textbook that costs $271. She has a coupon for $5 off at the bookstore, but she can save 2 hours if she orders the items on Amazon instead. O It does not matter which choice she makes since $5 is not a big savings for an expensive textbook. O It is better to use the coupon because then she will have extra money to spend on other items. O It is better to order online since saving $5 is not worth two hours. It depends on the opportunity cost of her time and she should only use the coupon if two hours is worth less than $5 to her.
What factors into the opportunity cost for a decision? Select a Benefits from the best foregone alternative Actual financial cost of the decision Time spent due to the decision The sum of all benefits from all foregone alternatives The difference between the benefits of the first and second best choices
The person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits . because it has been proven that cigarette smoking increases one's chances of getting lung cancer.do agree or disagree with the statement that reads the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits
Number 4 please
A gambling game requires people to place bets on either "Big" or "Small" or "Seven" designating the result of two dice throws. Big represents a sum of 8 to 12, while small is from 2 to 6. The special space "seven" is reserved for, of course, 7. Betting on "Big" provides a 1:1 betting win ratio amount. (Ex: Any bet amount of X, will net the winner another amount X, and still get his bet amount X back. ) Betting on "Small" also provides a 1:1 betting win ratio. The space "Seven" gives a 1:5 win ratio amount: Betting 100 money units on "Seven" and having a result of 7 nets the bettor 500 money units, and still have his 100 money units returned to him. If your bet does not appear, then the player loses his/her bet. What is the net Expected value of the strategy of betting 100 money units on "Big" ? Give your answer to two decimal places.
1 explain the role of ceteris paribus in economic analysis

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