The graph below shows the Market conditions of Honey's Laundry service, which is the only laundry in Banani Residential Area. Considering the shop as a Monopoly market, answer the following questions: Price, marginal revenue, marginal cost, average total cost 60 ATC 50 45 38 35 32 30 20 MR 110 125 130 140 145 Quantity of output (per week) (a)ln order to maximize profit, how many clothes does the shop clean ?[Answer in numerical value only without any unit] (b)lf the opening of five new laundry turns it into a perfectly competitive market, what should be the price Sunny's laundry be charging now?[Answer in numerical value only without any unit) (c)Compute the change in total revenue between part a and part b.[Answer in numerical value only without any unit]

The graph below shows the Market conditions of Honey's Laundry service, which is the only laundry in Banani Residential Area. Considering the shop as a Monopoly market, answer the following questions: Price, marginal revenue, marginal cost, average total cost 60 ATC 50 45 38 35 32 30 20 MR 110 125 130 140 145 Quantity of output (per week) (a)ln order to maximize profit, how many clothes does the shop clean ?[Answer in numerical value only without any unit] (b)lf the opening of five new laundry turns it into a perfectly competitive market, what should be the price Sunny's laundry be charging now?[Answer in numerical value only without any unit) (c)Compute the change in total revenue between part a and part b.[Answer in numerical value only without any unit]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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