Use the following demand schedule to determine total revenue and marginal revenue for each possible level of sales:Instructions: Enter your answers as a whole number.QuantityDemandedMarginalRevenueProduct PriceTotal Revenue$22122324a. What can you conclude about the structure of the industry in which this firm is operating?The industry is purely monopolistic.The industry is purely oligopolistic.The industry is purely competitive.The industry is monopolistically competitive.

marginal revenue measures the additional revenue earned with an additional unit of sale

Use the following demand schedule to determine total revenue and marginal revenue for each p Instructions: Enter your answers as a whole number. Quantity Demanded Marginal Revenue Product Price Total Revenue $2 2 1 2 2 3 2 4 2 a. What can you conclude about the structure of the industry in which this firm is operating? O The industry is purely monopolistic.

Use the following demand schedule to determine total revenue and marginal revenue for each p Instructions: Enter your answers as a whole number. Quantity Demanded Marginal Revenue Product Price Total Revenue $2 2 1 2 2 3 2 4 2 a. What can you conclude about the structure of the industry in which this firm is operating? O The industry is purely monopolistic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Demand Schedule Assume MC = 0 Price Quantity $24 0 $22 1 $20 2 $18 3 $16 4 $14 5 $12 6 $10 7 $8 8 $6 9 $4 10 $2 11 $0 12 1. If the market is perfectly competitive, what will the market equilibrium price and quantity be in the long-term? Explain how you arrived at that answer. 2. If the market is a duopoly and the firms collude to maximize joint profits, what will market price and quantity be? Explain how you arrived at that answer. 3. If the market is a duopoly and the firms collude to maximize joint profits, what is each firm's total revenue if the firm split the market equally? Explain how you calculated that answer.
Attempts 0 2. Calculating marginal revenue from a linear demand curve The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 160 140 120 100 A Demand 40 12 PRICE (Dollars per unit) 200 Keep the Highest 0/5 180 20 0 0 4 16 20 24 28 32 36 40 QUANTITY (Units) Graph Input Tool Market for Goods I Quanded (Units) Demand Price (Dollars per unit) 20 100.00 (?
3. The components of marginal revenue Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Alex produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Alex faces. As you can see, to sell the additional engine, Alex must lower his price from $80,000 to $40,000 per fire engine. Note that while Alex gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. dollars per fire engine) PRICE (Thousands Alex 200 180 160 140 120 100 80 60 40 20 0 0 + 1 True + False 2 + 4…
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3. The components of marginal revenue Bob's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Bob produced five fire engines, but he has decided to increase production to six fire engines. The following graph shows the demand curve Bob faces. As you can see, to sell the additional engine, Bob must lower his price from $160,000 to $120,000 per fire engine. Note that while Bob gains revenue from the additional engine he sells, he also loses revenue from the initial five engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial five engines by selling at $120,000 rather than $160,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $120,000. PRICE (Thousands of dollars per fire engine) 200 180 160 140 120 100 80 60 40 20 0 + 0 1 2 Bob in this scenario.…
PRICE Graph (a) MR QUANTITY MC ATC D PRICE Graph (b) MR QUANTITY Figure 17-4 MC ATC D Graph (c) MR QUANTITY MC ATC D Graph (d) QUANTITY Refer to Figure 16-4. Which of the graphs depicts a short-run equilibrium that will encourage the entry of other firms into a monopolistically competitive industry? O a. Graph (b) O b. Graph (d) O c. Graph (c) O d. Graph (a) MC ATC D
Macmillan Learning In monopolistic competition, advertising has been introduced as a new method to compete that differs from other markets. The following questions are centered around the topic of advertising. What two changes occur when a firm successfully advertises a product within the market? Supply for the product increases and demand becomes more elastic Demand for the product increases and demand become more inelastic O Demand for the product increases and demand becomes more elastic O Demand for the product decreases and demand becomes more inelastic What is the firm's main goal of advertising? Increase the elasticity of its demand curve Move the market closer to its natural, perfectly competitive state Increase product differentiation O Increase the supply of product in the market Which of the following would be arguments against advertising? ✔Provides a barrier to entry in the market ✔Lowers prices of some products May enhance enjoyment of the product Can lead to increased…
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Answer the question on the basis of the following short run demand and cost data for a specific firm. Cost Data (2) Price $ 80 76 Demand Data (1) Price 72 68 • decrease. • increase. $ 35 30 25 . 20 15 2 3 10 5 4 5 6 (3) Quantity 7 8 2 3 4 5 64 60 56 In the long run, the number of firms in this monopolistic competitive industry will most likely Multiple Choice 6 Total Output 7 8 Total Cost stay the same. The answer cannot be determined from the given data. $45 55 70 90 115 145 180
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The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely competitive firm producing differe quantities of chocolate gift boxes. The market price for a box of chocolates is $4 per box. Instructions: Enter your answers as a whole number. a. Fill in the marginal revenue (MR) and average revenue (AR) columns. Choco Lovers Cost and Revenue Quantity TC MC MR AR of Gift Boxes ($) ($) ($) ($) 55 1 10 57 0.50 15 62 1 20 72 25 92 4 30 122 6.