Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
Related questions
Question
Question 2, Multiple Choice
A monopolistic competitor has the following information about cost and demand.
![Quantity
($)
To ta l Cost Marginal
($)
Price
To ta l
Marginal
Average
Cost($)
Revenue
Revenue
Cost ($)
($)
($)
15
15
175
-
14
70
13
180
1
36
10
13
130
11
190
2
19
15
12
180
207
3.4
13.8
20
11
220
7
225
3.6
11.25
25
10
250
5
250
5
10
30
9.
270
290
8
9.67
35
8
280
1
335
9.
9.57
40
7
280
-1
385
10
9.63
45
6
270
-3
465
16
10.33
50
5
250
-5
565
11.3
20
3.
LO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09ea00d8-f0fc-435a-9355-538e5f2481fc%2F11a7fcc4-189a-44d3-a232-4763d21aa96c%2F4z4ndyj_processed.png&w=3840&q=75)
Transcribed Image Text:Quantity
($)
To ta l Cost Marginal
($)
Price
To ta l
Marginal
Average
Cost($)
Revenue
Revenue
Cost ($)
($)
($)
15
15
175
-
14
70
13
180
1
36
10
13
130
11
190
2
19
15
12
180
207
3.4
13.8
20
11
220
7
225
3.6
11.25
25
10
250
5
250
5
10
30
9.
270
290
8
9.67
35
8
280
1
335
9.
9.57
40
7
280
-1
385
10
9.63
45
6
270
-3
465
16
10.33
50
5
250
-5
565
11.3
20
3.
LO
![What will be this firm's short-run economic profits?
A
$55
BO
$280
$250
D
$0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09ea00d8-f0fc-435a-9355-538e5f2481fc%2F11a7fcc4-189a-44d3-a232-4763d21aa96c%2F9iy2wf_processed.png&w=3840&q=75)
Transcribed Image Text:What will be this firm's short-run economic profits?
A
$55
BO
$280
$250
D
$0
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