Consider the diagram in Chapter 25-2 (page 575 in text) depicting the demand and cost conditions...
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Consider the diagram in Chapter 25-2 (page 575 in text)
depicting the demand and cost conditions...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
Answer the next question(s) on the basis of the following demand and cost data for a specific firm
Answer the next question(s) on the basis of the following demand and cost data for a specific firmDemand DataCost Data(1)Price(2) Price(3)PriceTotal OutputTotal Cost$50$3522$454530335540254470352055903015661162510771452058818059. Refer to the above data. If columns 1 and 3 are this firm's demand schedule, the profit-maximizing price will be:A. $30B. $35C. $40D. $4560. Which is true of pure competition but not of monopolistic competition?A. There are barriers to entryB. Long-run economic profits are zeroC. There are a large number of firms in the marketD. Long-run equilibrium...
2.Based on the demand and cost data for a pure monopolist given in the table below,...
2.Based on the demand and cost data for a pure monopolist given in the table below, answer the following questions -------------------------------------------------------------------------------------------------------------- Output 0 1 2 3 4 5 Price ($) 1000 600 500 400 300 200 Total Cost 500 520 580 700 1000 1500 -------------------------------------------------------------------------------------------------------------- a. Calculate the marginal revenue and marginal cost for this monopolist. b. How many units of output will the profit-maximizing monopolist produce? At what price? c. If this is a perfectly discriminating monopolist and he...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
Please explain in details with step by step solution, Thank you very much ) Assume a...
Please explain in details with step by step solution, Thank you
very much
) Assume a monopolist faces a market demand curve P 100 - 2Q and has the short-run total cost function C 640+20Q. i) What is the profit-maximizing level of output? What is the profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that (7 Marks) In Question f (i), what would price and output be if the firm priced at socially represents...
2) Why is the firm’s demand curve flatter than the total market demand curve in monopolistic...
2) Why is the firm’s demand curve flatter than the total market demand curve in monopolistic competition? Suppose a monopolistically competitive firm is making a profit in the short run. What will happen to its demand curve in long run equilibrium ? What could this firm do to affect what happens to its demand curve? Explain in detail.
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6...
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number a. b. Identify the short-run equilibrium of a monopolistically competitive firm. (Hint Think about the difference between "initial' and later' demand.) At that equilibrium, what is: Price? (ii) Output? D units Cili) Total Profit? $ profit c, d. Identify the long-run equilibrium of the same firm....
At your high school reunion, a friend describes his plan to take a break from his...
At your high school reunion, a friend describes his
plan to take a break from his florist shop and sail around the
world. He says that if he continues to make the same economic
profit for the next 5 years, he will be able to afford the
trip.
Do you think your friend will be able to achieve his
dream in 5 years?
What is likely to happen to your friend's profits in
the long run?
The figure below depicts...
1. Which of the following is NOT a characteristic of a monopolistically competitive market?
1. Which of the following is NOT a characteristic of a monopolistically competitive market?A. many sellers.B. differentiated products.C. long-run economic profits.D. free entry and exit.2. Which of the following products is likely to be sold in a monopolistically competitive market?A. video games.B. breakfast cereal.E. beer.D. all of the above.3. Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly?A. The monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand...
Please help with these questions Question 25 0.4 pts If the short-run supply curve, the demand...
Please help with these questions
Question 25 0.4 pts If the short-run supply curve, the demand curve, and the long-run supply curve all intersect at the same point, firms will experience. economic profits, which means the price is____ the average total cost curve the minimum point on negative; at positive; above O zero; above zero; at O negative; below Question 26 0.4 pts If all monopolistically competitive firms had identical cost curves, then O long-run profit for each firm would...
8. Refer to the graph above depicting a perfectly competitive firm. When maximizing profit, the total profit earned by the firm represented is: A. $220. B. $275. C. $330 D. $605, 26. Refer to the graph above of a monopolistically competitive firm. If the firm maximizes profit, it will earn: A. zero economic profit this year. B. $320,000 economic profit this year. C. 584,000 economic profit this year. D. $56,000 economic profit this year. ATC AVC - 01 02 03...
QUESTION 2 The demand curve faced by a monopolistically competitive firm is: flat. kinked. upward-sloping. downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would look like that of: O a monopoly firm. O a perfectly competitive firm. an oligopoly firm. a duopoly firm. QUESTION 4 Aside from advertising, how can monopolistically competitive firms increase demand for their products?! government edict. increasing its price. decreasing its price. Increasing the number of locations where it...
Please explain in details with step by step solution, Thank you
very much
) Assume a monopolist faces a market demand curve P 100 - 2Q and has the short-run total cost function C 640+20Q. i) What is the profit-maximizing level of output? What is the profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that (7 Marks) In Question f (i), what would price and output be if the firm priced at socially represents...
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number a. b. Identify the short-run equilibrium of a monopolistically competitive firm. (Hint Think about the difference between "initial' and later' demand.) At that equilibrium, what is: Price? (ii) Output? D units Cili) Total Profit? $ profit c, d. Identify the long-run equilibrium of the same firm....
At your high school reunion, a friend describes his
plan to take a break from his florist shop and sail around the
world. He says that if he continues to make the same economic
profit for the next 5 years, he will be able to afford the
trip.
Do you think your friend will be able to achieve his
dream in 5 years?
What is likely to happen to your friend's profits in
the long run?
The figure below depicts...
Please help with these questions
Question 25 0.4 pts If the short-run supply curve, the demand curve, and the long-run supply curve all intersect at the same point, firms will experience. economic profits, which means the price is____ the average total cost curve the minimum point on negative; at positive; above O zero; above zero; at O negative; below Question 26 0.4 pts If all monopolistically competitive firms had identical cost curves, then O long-run profit for each firm would...
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