Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $12 per meal. Instructions: Enter your answers as a whole number. a. What is this firm's profit or loss? $ b. Will there be entry or exit? Entry Will this restaurant's demand curve shift left or right? Left In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $8. Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. c. What is the size of the firm's economic profit? 2$ d. Is the deadweight loss for this firm greater than or less than $90? Less than

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $12 per meal. Instructions: Enter your answers as a whole number. a. What is this firm's profit or loss? $ b. Will there be entry or exit? Entry Will this restaurant's demand curve shift left or right? Left In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $8. Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. c. What is the size of the firm's economic profit? 2$ d. Is the deadweight loss for this firm greater than or less than $90? Less than

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Pleaseh help me with a and c.

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that
output level, ATC per meal is $10 and consumers are willing to pay $12 per meal.
Instructions: Enter your answers as a whole number.
a. What is this firm's profit or loss?
b. Will there be entry or exit?
Entry
Will this restaurant's demand curve shift left or right?
Left
In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is
$8. Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals.
c. What is the size of the firm's economic profit?
$
d. Is the deadweight loss for this firm greater than or less than $90?
Less than

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