Using the data from the table, what price should the monopolistic competitor charge for its product? Enter your answer as a numerical value only; do not include symbols (like $).
Using the data from the table, what price should the monopolistic competitor charge for its product? Enter your answer as a numerical value only; do not include symbols (like $).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Refer to the information in the table below.
Quantity
100
115
130
145
160
175
190
Revenue and cost schedule for monopolistic competitor
Total
Marginal
Revenue
Revenue
Price
$13
$12
$11
$10
$9
$8
$7
$1,300
$1,380
$1,430
$1,450
$1,440
$1,400
$1,330
$13
$11
$9
$7
$5
$3
$1
Total Cost
$10
$511
$680
$1,400
$2,600
$4,800
$8,200
Marginal
Cost
$500
$11
$59
$60
$61
$62
$63
Average
Cost
$5.00
$4.44
$4.38
$4.34
$4.32
$4.30
$4.29
Using the data from the table, what price should the monopolistic competitor charge for its
product? Enter your answer as a numerical value only; do not include symbols (like $).
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