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The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Price Quantity (Board games) 1 Total Cost Marginal Cost (Dollars per game) (Dollars) (Dollars) Total Revenue Marginal Revenue (Dollars) Average Total Cost (Dollars) (Dollars) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 2 3 4 5 6 7 8 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will ^^^^^^^ Fill in the Average Total Cost column in the previous table. earn a profit of $10 2633I3E 12 11 13 15 3 board games at a price of 16 28 30 32 30 24 14 4 M^^^^^ 1 12 2 2 -2 -6 -10 $10 per board game in the short run. Based on your calculations, the level of excess capacity in this monopolistically competitive market is 1 board game 12 9 7 6 7 8 9 10

The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Price Quantity (Board games) 1 Total Cost Marginal Cost (Dollars per game) (Dollars) (Dollars) Total Revenue Marginal Revenue (Dollars) Average Total Cost (Dollars) (Dollars) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 2 3 4 5 6 7 8 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will ^^^^^^^ Fill in the Average Total Cost column in the previous table. earn a profit of $10 2633I3E 12 11 13 15 3 board games at a price of 16 28 30 32 30 24 14 4 M^^^^^ 1 12 2 2 -2 -6 -10 $10 per board game in the short run. Based on your calculations, the level of excess capacity in this monopolistically competitive market is 1 board game 12 9 7 6 7 8 9 10

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity (Board games) 1 Total Cost Marginal Cost (Dollars) (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 2 3 4 5 6 7 8 Price (Dollars per game) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will ^^^^^^^ Fill in the Average Total Cost column in the previous table. earn a profit of $10 Jw = w woN 12 6 3 3 11 13 15 3 board games at a price of 16 28 30 32 30 24 14 4 1 12 2 2 -2 -6 -10 $10 per board game in the short run. Based on your calculations, the level of excess capacity in this monopolistically competitive market is 1 board game 12 9 7 6 7 8 9 10
Transcribed Image Text:The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity (Board games) 1 Total Cost Marginal Cost (Dollars) (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 2 3 4 5 6 7 8 Price (Dollars per game) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will ^^^^^^^ Fill in the Average Total Cost column in the previous table. earn a profit of $10 Jw = w woN 12 6 3 3 11 13 15 3 board games at a price of 16 28 30 32 30 24 14 4 1 12 2 2 -2 -6 -10 $10 per board game in the short run. Based on your calculations, the level of excess capacity in this monopolistically competitive market is 1 board game 12 9 7 6 7 8 9 10
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