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Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where...
Suppose that a monopolistically competitive restaurant is currently serving 250 meals per day (the output where...
Suppose that a monopolistically competitive restaurant is currently serving 250 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal. Instructions: Enter your answers as whole numbers. a. What is the size of this firm’s profit or loss? b. Will there be entry or exit? (Click to select) Exit Entry Will this restaurant’s demand curve shift left or right? (Click to select) Right Left c. Suppose...
QUESTION 4 a Is a monopolistically competitive firm officient? Explain your answer (4 points) Suppose that a monopolisticaly competitive restaurant is currently serving 230 meals per day (output...
QUESTION 4 a Is a monopolistically competitive firm officient? Explain your answer (4 points) Suppose that a monopolisticaly competitive restaurant is currently serving 230 meals per day (output whore MR-MC). At that output level, ATC per meal is $ 10 and consumers are willing to pay $12 per meal. i What is the size of the firm's profit or loss? (2 points) it Will there be entry or exit of firms in the long run? Explain your answer. (2 points)...
Question 4: Novotel Lotus provides catered meals, and the catered meals industry is perfectly competitive. Novotel...
Question 4: Novotel Lotus provides catered meals, and the catered meals industry is perfectly competitive. Novotel Lotus machinery costs $100 per day and is the only fixed input. The firm's variable cost consists of the wages paid to the cooks and the food ingredients. The variable cost per day associated with each level of output is given in the accompanying table. Quantity of meals VC TC MC AVC ATC $200 $300 $480 $700 $1000 4.1. Calculate the total cost, the...
Suppose a perfectly competitive firm faces this situation: P= $15, output = 700, MC = $14,...
Suppose a perfectly competitive firm faces this situation: P= $15, output = 700, MC = $14, AVC = $10, and ATC = $14. Which statement is correct? O O O O The firm is productively but not allocatively efficient. The firm is allocatively efficient but not productively efficient. The firm is both productively and allocatively efficient. The firm is neither allocatively efficient nor productively efficient. Suppose that the twenty-third worker generates a marginal product equal to eight boxes of output...
se m per xyz is a maximum mis 32 and JUM Econ 221-1280 PS5 Fall 2019...
se m per xyz is a maximum mis 32 and JUM Econ 221-1280 PS5 Fall 2019 Econ 221-1280 P55 3) Monopolistic Competition Long-Run (7 points) Fall 2019 The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. a. What is the firm's profit-maximizing Price/Cost (5) output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? 00- d. What would the output...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit,...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1 comma 800 1,800 units. If the firm produces 1 comma 800 1,800 units, its average variable costs equal $ 7.00 7.00 per unit, and its average fixed costs equal $ 1.00 1.00 per unit. What is the firm's profit-maximizing (or...
Assume that the cost data in the following table are for a purely competitive producer:
Assume that the cost data in the following table are for a purely competitive producer: TotalProductAverageFixed CostAverageVariable CostAverageTotal CostMarginal Cost01$60.00$45.00$105.00$45.00230.00 42.50 72.5040.00320.00 40.00 60.0035.00415.00 37.50 52.5030.00512.00 37.00 49.0035.00610.00 37.50 47.5040.0078.57 38.57 47.1445.008 7.50 40.63 48.1355.009 6.67 43.33 50.0065.0010 6.00 46.50 52.5075.00 Instructions: If you are entering any negative numbers be sure to include a negative sign (−) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $66.00 (i) Will this firm produce in the short run? (Click to select) No Yes (ii) If it is preferable to produce, what...
Suppose that the market is perfectly competitive with a price of $16. The graph below shows...
Suppose that the market is perfectly competitive with a price of $16. The graph below shows the cost curves of a typical manufacturer in the market. a. Why is the firm's marginal revenue curve horizontal? MC Price (dollars per unit) AVC b. What is the profit maximizing level of output for the firm? 0 14 17 19 Quantity (units) c. Given your answer to part (a), is the firm making a profit or a loss? What is the value of...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes the firm's profit? b. At the profit-maximizing output, calculate total revenue and total cost. C. If the firm maximizes profit, how much profit does it earn? d. What will likely happen to market demand or market supply in the long run? e. What will likely happen to the market price in the long run? Price (s) d = P =...
(20 marks) Suppose the market for disposable gloves is competitive and it is originally operating at...
(20 marks) Suppose the market for disposable gloves is competitive and it is originally operating at the long run equilibrium. An important raw material of producing disposable gloves is natural rubber. Suppose there is a drastic increase in the price of natural rubber. With the aid of side-by-side diagrams, explain the impacts of the above change on the equilibrium price and equilibrium quantity in the market for disposable gloves, as well as the profit maximizing output level of a typical...
QUESTION 4 a Is a monopolistically competitive firm officient? Explain your answer (4 points) Suppose that a monopolisticaly competitive restaurant is currently serving 230 meals per day (output whore MR-MC). At that output level, ATC per meal is $ 10 and consumers are willing to pay $12 per meal. i What is the size of the firm's profit or loss? (2 points) it Will there be entry or exit of firms in the long run? Explain your answer. (2 points)...
Question 4: Novotel Lotus provides catered meals, and the catered meals industry is perfectly competitive. Novotel Lotus machinery costs $100 per day and is the only fixed input. The firm's variable cost consists of the wages paid to the cooks and the food ingredients. The variable cost per day associated with each level of output is given in the accompanying table. Quantity of meals VC TC MC AVC ATC $200 $300 $480 $700 $1000 4.1. Calculate the total cost, the...
Suppose a perfectly competitive firm faces this situation: P= $15, output = 700, MC = $14, AVC = $10, and ATC = $14. Which statement is correct? O O O O The firm is productively but not allocatively efficient. The firm is allocatively efficient but not productively efficient. The firm is both productively and allocatively efficient. The firm is neither allocatively efficient nor productively efficient. Suppose that the twenty-third worker generates a marginal product equal to eight boxes of output...
se m per xyz is a maximum mis 32 and JUM Econ 221-1280 PS5 Fall 2019 Econ 221-1280 P55 3) Monopolistic Competition Long-Run (7 points) Fall 2019 The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. a. What is the firm's profit-maximizing Price/Cost (5) output level? b. What is its profit-maximizing price? c. What is the firm's economic profit? 00- d. What would the output...
Suppose that the market is perfectly competitive with a price of $16. The graph below shows the cost curves of a typical manufacturer in the market. a. Why is the firm's marginal revenue curve horizontal? MC Price (dollars per unit) AVC b. What is the profit maximizing level of output for the firm? 0 14 17 19 Quantity (units) c. Given your answer to part (a), is the firm making a profit or a loss? What is the value of...
15. Use the following figure for a firm in a perfectly competitive market. a What is the output that maximizes the firm's profit? b. At the profit-maximizing output, calculate total revenue and total cost. C. If the firm maximizes profit, how much profit does it earn? d. What will likely happen to market demand or market supply in the long run? e. What will likely happen to the market price in the long run? Price (s) d = P =...
(20 marks) Suppose the market for disposable gloves is competitive and it is originally operating at the long run equilibrium. An important raw material of producing disposable gloves is natural rubber. Suppose there is a drastic increase in the price of natural rubber. With the aid of side-by-side diagrams, explain the impacts of the above change on the equilibrium price and equilibrium quantity in the market for disposable gloves, as well as the profit maximizing output level of a typical...
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