The graph shows the cost curves, demand curve, and marginal revenue curve of afirm in monopolistic competition.Price and cost (dollars per crate)120-MCHow does this firm maximize economic profit?100-What is economic profit?80-This firm maximizes profit by producinga crate.crates a day and setting the priceATCat60-O A. 175; $65О В. 150; $40ОС. 150; $70O D. 175; $9040-20-MREconomic profit is Sa day.25 50 75 100 125 150 175 200 225 250 275 300Quantity (crates per day)to

Profit maximizing quantity would be determined where MR=MC So the quantity would be 150. At…

The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition. Price and cost (dollars per crate) 120- MC How does this firm maximize economic profit? 100- What is economic profit? This firm maximizes profit by producing. a crate. crates a day and setting the price 80- ATC at 60- O A. 175; $65 O B. 150; $40 OC. 150; $70 O D. 175; $90 40- 20- MR Economic profit is S a day. 0- 25 50 75 100 125 150 175 200 225 250 275 300 Quantity (crates per day)

The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition. Price and cost (dollars per crate) 120- MC How does this firm maximize economic profit? 100- What is economic profit? This firm maximizes profit by producing. a crate. crates a day and setting the price 80- ATC at 60- O A. 175; $65 O B. 150; $40 OC. 150; $70 O D. 175; $90 40- 20- MR Economic profit is S a day. 0- 25 50 75 100 125 150 175 200 225 250 275 300 Quantity (crates per day)

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 12 The figure is drawn for a monopolistically competitive firm PRICE 140 123.33 90 Table b 56.67 100 133.33 QUESTION 14 QUANTITY MC MR ATC Demand Refer to Figure. If this firm's decides to produce and sell at the profit maximizing level then what will be their O a. $8,887.78. O b.$5,000.00. OC-$5,000.00. O d. 50. QUESTION 13 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where marginal cost exceeds price Ob price exceeds marginal cost, while a monopolist produces where marginal cost equals price Oc marginal cost equals price, while a monopolist produces where price exceeds marginal cost O d.marginal cost exceeds price, while a monopolist produces where marginal cost equals price.
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3. A monopolistically competitive firm sells boots and has the following in the short run: Demand: P = 80 – 0.5Q %3D MR: MR = 80 – Q TC = 1.5Q? + 40 1.5Q + (40/Q) TC: АТC: MC: MC = 3Q %3D Find the firm's profit maximizing quantity and price. Find the firm's profit or loss. Show some work here: Quantity = Price = Profit or Loss = (circle one, and write the number)
Figure 1. $ A B 0 E If you cannot see the image above, click here to download. F G O producing output G. O achieving positive economic profit in the short run. O achieving positive economic profit in the long run. O realizing 0 economic profit. MC Refer to Figure 1. This monopolistic competitive producer is: MR D ATC Quantity
33 and 60
1. Consider the following graph: Price (dollars per cup) $6.00 MC ATC 3.50 Profit 2.50 Demand 0 1 2 3 45 6 7 8 9 10 Quantity (cafe lattes per week) Profit-maximizing quantity of caté lattes MR show how the long-run equilibrium in a monopolistically competitive market differ from that in a perfectly competitive market?
a. The diagram below shows the short-run equilibrium of a firm. Price (RM) 20 17 12 50 70 ii. Calculate the firm's total revenue. iii. Calculate the firm's total cost. MC iv. Calculate the firm's profit or loss. i. Is this firm operating in the perfect competition, monopolistic competition, or monopoly market structure? v. Name the type of profit earned by the firm. ATC AR-MR i. Number of firms in the market ii. Type of products sold in the market iii. Ability of the firm to control product price Quantity b. Briefly explain the differences between perfect competition and monopoly in term of the following properties:
QUESTION 18 Refer to the graph below for a monopolistically competitive firm. Price MC 160 140 ATC 123.33 Demand 90 56.67 MR 100 133.33 154.92 Quantity If the above firm chose to produce at 100 units then the firm will be O earning a profit O incurring a loss O there is no profit and no loss O the firm can earn, profit, loss or break even