I need all answers no chatgpt i will give 5 upvotes The graph below summarizes the demand and costs for a firm that operates in a monopolistically competitive market.Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below.$220-200-180-160-140-120-100-80-60-40-20-004 e 8MRunitsQuantitya. What is the firm's optimal output?OMCb. What is the firm's optimal price?$D10 12 14 16 18 20 22 24 26c. What are the firm's maximum profits?$ATCd. What adjustments should the manager be anticipating?O Demand will increase over time as firms exit the market.O Demand will remain unchanged over time.Demand will decrease over time as new firms enter the market.

When many different companies provide comparable but distinct goods and services, a market structure…

The graph below summarizes the demand and costs for a firm that operates in a monopolistically competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 2 4 8 units MC Quantity a. What is the firm's optimal output? b. What is the firm's optimal price? $ MR 10 12 14 16 18 20 22 24 26 D ATC c. What are the firm's maximum profits? $ d. What adjustments should the manager be anticipating? O Demand will increase over time as firms exit the market. O Demand will remain unchanged over time. O Demand will decrease over time as new firms enter the market.

The graph below summarizes the demand and costs for a firm that operates in a monopolistically competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 2 4 8 units MC Quantity a. What is the firm's optimal output? b. What is the firm's optimal price? $ MR 10 12 14 16 18 20 22 24 26 D ATC c. What are the firm's maximum profits? $ d. What adjustments should the manager be anticipating? O Demand will increase over time as firms exit the market. O Demand will remain unchanged over time. O Demand will decrease over time as new firms enter the market.

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

I need all answers no chatgpt i will give 5 upvotes

The graph below summarizes the demand and costs for a firm that operates in a monopolistically competitive market.
Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below.
$
220-
200-
180-
160-
140-
120-
100-
80-
60-
40-
20-
0
0
4 e 8
MR
units
Quantity
a. What is the firm's optimal output?
O
MC
b. What is the firm's optimal price?
$
D
10 12 14 16 18 20 22 24 26
c. What are the firm's maximum profits?
$
ATC
d. What adjustments should the manager be anticipating?
O Demand will increase over time as firms exit the market.
O Demand will remain unchanged over time.
Demand will decrease over time as new firms enter the market.

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Step 1: Define Monopolistic Competition

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Step 2: Calculate the firm’s optimal output

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Step 3: Calculate the firm’s optimal price

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Step 4: Determine the firm’s profit

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