the choices for the last one is circled, also please do the grph toothank uuuu Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand (D) curve, marginalrevenue (MR) curve, marginal cost (MC) curve, and long-run average total cost (LRATC) curve. Assume that all firms in the industry face thesame cost structure.Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next,place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitivemarket.Note: Dashed drop lines will automatically extend to both axes.10090Monopolistic Competition Outcome807060Perfect Competition OutcomeLRATC504030D2010MCMR102030 40 5080708090100QUANTITY (Thousands of jackets)Compare the average total cost and the production level in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitivefirm by completing the following table.Average Total CostProduction LevelUnder...(Dollars per jacket) (Thousands of jackets)PRICE, COSTS, AND RE VE NUE (D oll ars per jacket) 10090Monopolistic Competition Outcome807060Perfect Competition OutcomeLRATC504030D2010MCMR102030405060708090100QUANTITY (Thousands of jackets)deadweight loss,excessive production,excess capacityCompare the average total cost and the production level in the long-run equilibrium for a monopolistically cophpetitive firm and a perfectly competitivefirm by completing the following table.Average Total CostProduction LevelUnder...(Dollars per jacket)(Thousands of jackets)Monopolistic CompetitionPerfect Competitionthe same, less than,more thanBecause this market is a monopolistically competitive market, the firm's average total cost in long-run equilibrium isthe long-runaverage cost it would achieve as a firm operating in a perfectly competitive market.the same, less than,more thanThe production level of a monopolistically competitive firm in long-run equilibriun isfirm. This difference in output is known as thethe production level of a perfectly competitiveof a monopolistically competitive firm.PRICE, COSTS, AND RE VE NUE (D oll ars per jacket)

Both monopoly and monopolistic competitive market earn zero economic profit in the long run because…

Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand (D) curve, marginal revenue (MR) curve, marginal cost (MC) curve, and long-run average total cost (LRATC) curve. Assume that all firms in the industry face the same cost structure. Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitive market. Note: Dashed drop lines will automatically extend to both axes. 100 90 Monopolistic Competition Outcome 80 70 60 Perfect Competition Outcome LRATC 50 40 30 D 20 10 MC MR 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of jackets) PRICE, COSTS, AND RE VENUE (D oll ars per jacket)

Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand (D) curve, marginal revenue (MR) curve, marginal cost (MC) curve, and long-run average total cost (LRATC) curve. Assume that all firms in the industry face the same cost structure. Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitive market. Note: Dashed drop lines will automatically extend to both axes. 100 90 Monopolistic Competition Outcome 80 70 60 Perfect Competition Outcome LRATC 50 40 30 D 20 10 MC MR 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of jackets) PRICE, COSTS, AND RE VENUE (D oll ars per jacket)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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