Table 10.1 shows the output, price, and total cost for a monopolistic competitor. The profit-maximizing output for themonopolistic competitor isabnd0 units1 unit3 unitsTable 10.1.5 unitsQ1Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer.24122235P$272418TC$1017324767Open in Re

A monopolist prefers to continue its production till it reaches a point where marginal cost equals…

Table 10.1 shows the output, price, and total cost for a monopolistic competitor. The profit-maximizing output for the monopolistic competitor is_ 1 b C d Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 0 units 1 unit 3 units Table 10.1. 5 units Q 912345 P $27 24 21 18 15 TC $10 17 32 47 67

Table 10.1 shows the output, price, and total cost for a monopolistic competitor. The profit-maximizing output for the monopolistic competitor is_ 1 b C d Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 0 units 1 unit 3 units Table 10.1. 5 units Q 912345 P $27 24 21 18 15 TC $10 17 32 47 67

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the diagram below depicting the revenue and cost conditions faced by a monopolistically competitive firm, and then answer the following questions. $70 $65 $60 $55 MC es $50 $45 $40 АТС $40 $32.50 $35 $30 $25 S20 $20 S14.30 $25 $15 Demand MR $10 $5 0.5.0 1.5.0 2.5.0 3.5. 4.50 5.5.0 6.5.0 Quantity Price and costs
1. Explain the profit-maximizing output level and profit of a monopolisticfirm by drawing a graph. 2. What are the advantages of internal economies of scale ? Explain thembriefly.
6 workers and 4 machines are required to produce 2 computers. 2 workers and 2 machines are required to produce 2 units of tomato. A. Find the labor and capital requirement per one computer and 1 unit of tomato? B. Which industry is a labor intensive? Capital intensive?
The graph shown displays the cost and revenue curves associated with a monopolistically competitive firm S 18 17 16 15 14 13 12 11 10 9 8 7 654321 3 MC MR 1. $250 2. $200 3. $360 4. $450 ATC 5%53%85%%%%%% At profit maximizing output level, how much profit does this firm earn? D 100 Quantity
3 Of 16 a. A monopolistic competitor, much like a firm in perfect b. Advertising can play a role as an indirect signal of competition, sells its product at a point product quality to customers. where the price is equal to the marginal cost. true false true O false c. Monopolistically competitive industries are more likely d. In the long run, monopolistic competitors make a to make use of advertising to create products that catch similar amount of profit to monopolists, since, in both on in mainstream popularity than industries in perfect cases, the firm's demand curves are downward sloping, competition. and at the profit maximizing point, the marginal cost is true false equal to the marginal revenue. O true O false e. In the short term, a monopolistic competitor will make a profit if the demand curve is above the average total cost curve at some point. true false
The following table represents a monopolistically competitive market and the short-run costs of a firm in this market: Q TC MC TR MR 40 60 1 50 54 2 59 51 70 48 82 45 95 42 6. 110 39 7 128 36 8 151 33 179 30 (a) Complete the table, showing your work. (b) What is the profit-maximizing choice of output and price for this firm? How much profit does this firm make? Will new firms enter this industry in the long run? Explain. (c) What is the main difference in the assumptions we make between a perfectly competitive market and a monopolistically competitive market? How does this difference impact the outcomes of the market (price, quantity, profit) for each firm? Discuss.
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Exercise A.3. Does a monopolistic competitor produce too much or too little compared to the most efficient level? What practical considerations make it difficult for public authorities to solve this problem?
EOC 17.03 (and 17.04) As new businesses enter a monopolistically competitive market, what happens to profits of existing businesses and product diversity in the market? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a profits of existing firms rise and product diversity in the market increases. b. profits of existing firms rise and product diversity in the market decreases. profits of existing firms decline and product diversity in the market increases. d. profits of existing firms decline and product diversity in the market decreases.
6. TRUE OR FALSE AND WHY?A monopolistic competitor who maximizes profits will always charge a price in the elastic range of the demand curve.