Homework Answers
Answer is B. 30; 200
Equilibrium price and quantity is decided where MR = MC.
Price is decided on demand curve corresponding to the point where
MR = MC and quantity is decided on horizontal axis corresponding to
same point.
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Question 39 2.5 pts Please answer Question 39 and 40 according to the information below. Price...
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00...
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00 00 00 Quantty (units per hour) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve. The amount of consumer surplus when the market has a monopoly producer is and the amount of consumer surplus when the market is perfectly competitive is A. ace; abf B. abf, ace OC. abf, bed D. ace; bed E. bcd ace
Examine the graph below, which belong to a monopolist, and then answer the questions that follow:...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Examine the graph below, which belong to a monopolist, and then answer the questions that follow:...
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of...
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300 400 500 Quantity of output (units per week) Comparing the monopolistically competitive firm in Exhibit 10-2 to the long-run profit-maximizing outcome for a perfectly comp form with a price of $15 per unit and a quantity of 600, a. the profit earned by the monopolistically competitive firm is higher than that of the perfectly competitive firm the marginal revenue of the monopolistically competitive firm...
Please help with these questions Question 37 0.4 pts Use the following scenario to answer the...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
need the solution for all three questions as soon as possible Question 1: Hypothetical monopoly costs...
need the solution for all three questions as soon as
possible
Question 1: Hypothetical monopoly costs and revenue Quantity Price Total cost $500 $400 450 650 400 950 350 1,300 300 1,700 NMn using the profit-maximization rule, what should the monopoly price be? Show your work. Question 2: Suppose a monopoly firm produces bicycles and can sell 10 bicycles per month at a price of $700 per bicycle. In order to increase sales by one bicycle per month, the monopolist...
Monopoly: Fantastic Films is the only movie theater in an isolated town. The table below illustrates...
Monopoly: Fantastic Films is the only movie theater in an isolated town. The table below illustrates the demand schedule for movie tickets and the cost schedule for producing the movies. Complete the table. Maximize your browser window to view all columns in the table. Price ($ per ticket) Quantity (tickets per show) Price ($ per ticket) Quantity (tickets per show) Total Revenue (dollars per show) Marginal Revenue Total Cost (dollars per show) Marginal Cost 20 0 1000 18 100 1600...
1. Answer the following questions: a. Why is the demand curve for a monopolist downward-sloping, while...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
The market for paper is perfectly competitive and 1,000 firms produce paper. The table sets out the market demand schedu...
The market for paper is perfectly competitive and 1,000 firms produce paper. The table sets out the market demand schedule for paper. Price (dollars per box) Quantity demanded (thousands of boxes per week) 2.95 500 4.13 450 5.30 400 6.48 350 7.65 300 8.83 250 10.00 200 11.18 150 The table in the next column sets out the costs of each producer of paper. Output (boxes per week) Marginal cost (dollars per additional box) Average variable cost Average total cost...
Price und cose (dollars per unc) 50.00 40.00 30.00 20.00 10.00 MR 0 00 200 00 00 00 Quantty (units per hour) The figure above shows the demand curve, marginal revenue curve, and marginal cost curve. The amount of consumer surplus when the market has a monopoly producer is and the amount of consumer surplus when the market is perfectly competitive is A. ace; abf B. abf, ace OC. abf, bed D. ace; bed E. bcd ace
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Examine the graph below, which belong to a monopolist, and then answer the questions that follow: Price 250 170 150 110 90 MC Demand MR 100 125 175 200 a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i. Price: ii. Quantity: a. What is the monopoly profit maximizing price and quantity? i. Price: ii. Quantity: b. What is the perfectly competitive price and quantity? i....
Question 31 2.5 pts 31. A firm in a perfectly competitive industry has total revenue of $200,000 per year when producing 1,000 units of output per year. In this case its average revenue is $200 and its marginal revenue is __ zero. also $200 less than $200. O greater than $200 Question 32 2.5 pts 32. In a perfectly competitive industry, the market price of the product is $12.Firm A is producing the output at which average total cost equals...
Quest Exhibit 10-2 A monopolistic competitive firm Price, costs, and revenue (dollars) 10 100 200 300 400 500 Quantity of output (units per week) Comparing the monopolistically competitive firm in Exhibit 10-2 to the long-run profit-maximizing outcome for a perfectly comp form with a price of $15 per unit and a quantity of 600, a. the profit earned by the monopolistically competitive firm is higher than that of the perfectly competitive firm the marginal revenue of the monopolistically competitive firm...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
need the solution for all three questions as soon as
possible
Question 1: Hypothetical monopoly costs and revenue Quantity Price Total cost $500 $400 450 650 400 950 350 1,300 300 1,700 NMn using the profit-maximization rule, what should the monopoly price be? Show your work. Question 2: Suppose a monopoly firm produces bicycles and can sell 10 bicycles per month at a price of $700 per bicycle. In order to increase sales by one bicycle per month, the monopolist...
1. Answer the following questions:
a. Why is the demand curve for a monopolist downward-sloping,
while the demand curve for the perfectly competitive firm is
horizontal?
b. Suppose a perfectly competitive industry is suddenly
transformed to a monopoly industry. What will happen to price,
output, consumer and producer surplus, and deadweight loss?
c. If the wireless phone industry is dominated by four large
firms, each with 20% of market share, and 2 small firms, each with
10% market share, what...
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