Homework Answers
i)The profit maximizing condition in perfect competition:P=MC
In monopoly:MR=MC
ii.)An example of non price competition would be advertisement to increase consumer demand for the product.
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Question 3. i). Write down the condition to determine the profit maximizing output level (in any...
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i...
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i Show GoGo Pizza's profit-maximizing level of output, selling price, and a positive profit in a diagram. Briefly explain. (8 marks) ii. Does GoGo Pizza have an incentive to produce at the level of output that maximizes the social welfare? Explain with the diagram in part (i). (5 marks)
once i find the profit maximizing level of output if all i have is marginal cost,...
once i find the profit maximizing level of output if all i have is marginal cost, average foxed cost, average variable cost, and market price in a perfectly competitive industry how do i find the firm's profit at the given level of output?
draw graphs of each market structure using the following information: profit maximizing level of output 400...
draw graphs of each market structure using the following
information: profit maximizing level of output 400 price at
$100
I U U P S Rena + Shek. 3. Draw graphs of each market structure using the following information: Profit-maximizing level of output of 400 Price of $100 ATC of $70 when output = 400 a. Perfect competition MC MR ATC 400 b. Monopoly C. Monopolistic competition d. Oligopoly
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i...
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i Show GoGo Pizza's profit-maximizing level of output, selling price, and a positive profit in a diagram. Briefly explain. (8 marks) 1. Does GoGo Pizza have an incentive to produce at the level of output that maximizes the social welfare? Explain with the diagram in part (i). (5 marks) Mercedes- Benz's Decision Low-grade High-grade Low-grade (4,5) (8,6) High-grade (5, 4) (6,2)
what is the profit-maximizing output condition that a monopolistically competitive firm must satisfy? a) price charged...
what is the profit-maximizing output condition that a monopolistically competitive firm must satisfy? a) price charged is greater than ATC b) price charged is equal to ATC c) price is less than marginal revenue d) marginal revenue is equal to marginal cost
given the data in the table belowwhat is the short run profit maximizing level of output...
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
QUESTION 9 Is the profit-maximizing price and output of a monopoly the same as those of...
QUESTION 9 Is the profit-maximizing price and output of a monopoly the same as those of a perfectly competitive market? If diferent, how is it different? T- E 3(12pt) TTT Arial Words 0 Path: p QUESTION 10 Why does a monopoly result in both productive and alocative inefficiency? T TT Arial T IE 3 (12pt) Words 0
If a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an...
If a monopolistically competitive firm is producing the profit-maximizing level of output and is earning an economic profit in the short run: Select one: a. marginal revenue is less than marginal cost. b. price is less than average total costs. c. price is less than marginal cost. d. marginal revenue equals marginal cost.
Suppose the apple market is competitive. State the long run equilibrium condition of a typical profit-maximizing...
Suppose the apple market is competitive. State the long run equilibrium condition of a typical profit-maximizing firm operating in a competitive market. Express your answer using marginal cost and average cost. Assume the market for apple is now operating at her long run equilibrium. Draw side-by-side diagrams to show the long run equilibrium conditions for a typical apple farmer and the market for apples. Label your diagrams clearly. Recently, there is a fall in the price of fertilizers used for...
At its current level of production, a profit-maximizing firm in a competitive market receives $15 for...
At its current level of production, a profit-maximizing firm in a competitive market receives $15 for each unit it produces and faces an average total cost of $10. At the market price of S15 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1.300 units. What is the fim's current profit? What is likely to occur in this market and why?
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i Show GoGo Pizza's profit-maximizing level of output, selling price, and a positive profit in a diagram. Briefly explain. (8 marks) ii. Does GoGo Pizza have an incentive to produce at the level of output that maximizes the social welfare? Explain with the diagram in part (i). (5 marks)
draw graphs of each market structure using the following
information: profit maximizing level of output 400 price at
$100
I U U P S Rena + Shek. 3. Draw graphs of each market structure using the following information: Profit-maximizing level of output of 400 Price of $100 ATC of $70 when output = 400 a. Perfect competition MC MR ATC 400 b. Monopoly C. Monopolistic competition d. Oligopoly
GoGo Pizza is producing at the profit-maximizing level of output in a monopolistically competitive market. i Show GoGo Pizza's profit-maximizing level of output, selling price, and a positive profit in a diagram. Briefly explain. (8 marks) 1. Does GoGo Pizza have an incentive to produce at the level of output that maximizes the social welfare? Explain with the diagram in part (i). (5 marks) Mercedes- Benz's Decision Low-grade High-grade Low-grade (4,5) (8,6) High-grade (5, 4) (6,2)
given the data in the table belowwhat is the short run profit
maximizing level of output
Given the data in the table below, what is the short-run profit-maximizing level of output for the perfectly competitive firm? Output Total Revenue Total Cost 16 20 Multiple Choice 5 units 3 units
QUESTION 9 Is the profit-maximizing price and output of a monopoly the same as those of a perfectly competitive market? If diferent, how is it different? T- E 3(12pt) TTT Arial Words 0 Path: p QUESTION 10 Why does a monopoly result in both productive and alocative inefficiency? T TT Arial T IE 3 (12pt) Words 0
At its current level of production, a profit-maximizing firm in a competitive market receives $15 for each unit it produces and faces an average total cost of $10. At the market price of S15 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1.300 units. What is the fim's current profit? What is likely to occur in this market and why?
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