The following data belongs to a monopolistic competitor. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 0 15 0 15 175 — — 5 14 70 13 180 1 36 10 13 130 11 190 2 19 15 12 180 9 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 5 250 5 10 30 9 270 3 290 8 9.67 35 8 280 1 335 9 9.57 40 7 280 -1 385 10 9.63 45 6 270 -3 465 16 10.33 50 5 250 -5 565 20 11.3 Use this information to answer the following questions: Blank 1. If this industry was actually perfectly competitive, what price would their good sell for? Blank 2. As a monopolistic competitor, what price do they actually sell their good for? Blank 3. How much profit will this firm make in the short run
The following data belongs to a monopolistic competitor. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 0 15 0 15 175 — — 5 14 70 13 180 1 36 10 13 130 11 190 2 19 15 12 180 9 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 5 250 5 10 30 9 270 3 290 8 9.67 35 8 280 1 335 9 9.57 40 7 280 -1 385 10 9.63 45 6 270 -3 465 16 10.33 50 5 250 -5 565 20 11.3 Use this information to answer the following questions: Blank 1. If this industry was actually perfectly competitive, what price would their good sell for? Blank 2. As a monopolistic competitor, what price do they actually sell their good for? Blank 3. How much profit will this firm make in the short run
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
The following data belongs to a monopolistic competitor.
|
Quantity |
|
Total Revenue ($) |
Marginal Revenue ($) |
Total Cost ($) |
Marginal Cost ($) |
Average Cost($) |
|
0 |
15 |
0 |
15 |
175 |
— |
— |
|
5 |
14 |
70 |
13 |
180 |
1 |
36 |
|
10 |
13 |
130 |
11 |
190 |
2 |
19 |
|
15 |
12 |
180 |
9 |
207 |
3.4 |
13.8 |
|
20 |
11 |
220 |
7 |
225 |
3.6 |
11.25 |
|
25 |
10 |
250 |
5 |
250 |
5 |
10 |
|
30 |
9 |
270 |
3 |
290 |
8 |
9.67 |
|
35 |
8 |
280 |
1 |
335 |
9 |
9.57 |
|
40 |
7 |
280 |
-1 |
385 |
10 |
9.63 |
|
45 |
6 |
270 |
-3 |
465 |
16 |
10.33 |
|
50 |
5 |
250 |
-5 |
565 |
20 |
11.3 |
Use this information to answer the following questions:
Blank 1. If this industry was actually
Blank 2. As a monopolistic competitor, what price do they actually sell their good for?
Blank 3. How much profit will this firm make in the short run?
Question 28 options:
| Blank # 1 | |
| Blank # 2 | |
| Blank # 3 |
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