full explain don't chatgpt answer. 1201008088$ 604020Monopolistically competitive firm0020406080100120QD-MR-ATC-AVC-MCTo maximize its profit or minimize its loss, this firm wants to sell about 40 units of output.To sell that many units, the firm will charge a price of about $ 60 ÷This firm is currently making a positive economic profit ◆In the long run, we expect that the number of firms in this market will decreaseincreaseremain constantdecrease

In a monopolistically competitive market, firms have some control over price due to product…

Answered: 120 100 80 88 $ 60 40 20…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.9P

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* $31.25 MC АТС $25 P=MR $20 $18.75 $12.5 $6.25 $0.0 Quantity 20 40 60 80 100 120 140 160 180 200 220 240 260 Reference the graph shown above, which illustrates a perfectly competitive fırm. When it is maximizing economic profit, the most accurate total economic profit earned by the firm depicted is: $1,375 $6,000 $1,265 O $1,100 Cost, Pric
Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Output Total Cost $ 50 $ 35 2 2 $ 45 45 30 3 3 55 40 25 4 4 70 35 20 5 5 90 30 15 6 6 115 25 10 7 7 145 20 5 8 8 180 Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will Multiple Choice decrease to zero. decrease to $25. decrease to $70. decrease to $35.
9 12 ion What do we know for certain based on this set of "side by side" graphs? Market Firm KU Pe Qe MC ATC MRDARP Check all that apply The firm is breaking even when it produces its profit maximizing output The marginal revenue for this firm is Pe Each additional product gets less expensive to produce If the market demand increases, Pe will increase This firm should shut down and produce something else
Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Output Total Cost $ 55 $ 35 2 2 $ 45 50 30 3 3 55 45 25 4 4 70 40 20 5 5 90 35 15 6 6 115 30 10 7 7 145 25 5 8 8 180 Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will Multiple Choice decrease by $75. decrease by $15. decrease by $35. decrease to zero.
A firm on competitive market has the data about cost as below Q,0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 TC 100160208254290320340355370390430475525580640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. c. Determine the supply curve of this firm 3. A firm on competitive market has the data about cost as below Q 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 TC 100 160 208 254 290 320 340 355 370 390 430 475 525 580 640 a. Form a table with numbers about: total revenue, average cost, average variable cost and marginal cost of this firm. Determine the quantity that this firm will shutdown b. To maximize the profit, what will be the output of this firm if the price of product is 45 and if the price is 50. C. Determine the supply curve of this firm
The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue is
300 270 240 210 180 150 120 90 60 30 0 20 MC 32 40 50 60 70 80 The figure shows MC, MR and ATC curves for Joe's Good Enough Cafeteria, a firm that operates in a competitive market. If the firm is producing 50 units of output, increasing output by one unit would the firm's profit by $ Joe's SHORT RUN equilibrium quantity is equal to ATC Joe's LONG RUN equilibrium quantity will be MR If the firm is producing 70 units of output, increasing output by one unit would the firm's profit by $ and profit is $ and profit will be $
Kali is a dot-com entrepreneur who has established a Web site at which people can design and buy aring. Kali pays $600 a month for a Web server and Internet connection. The rings that customers design are made to order by another firm, and Kali pays this firm $20 a ring. Kali has no other costs. The table shows the demand schedule for Kali's rings. What is Kali's profit-maximizing output, price, and economic profit? Price (dollars per ring) 100 Quantity (rings per month) 0 80 20 60 40 40 60 20 80 0 100 Kali's profit-maximizing output is rings a month. Kali's profit-maximizing price is $ a ring. Kali's economic profit is $ a month.
Kyrie owns a company in a competitive market that generates $800 in total revenue and has a marginal revenue of $20. If Kyrie is maximizing profit what quantity of goods are being sold and at what price? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 20 units are being sold at a price of $40. b 20 units are being sold at a price of $20. 40 units are being sold at a price of $80. d. 40 units are being sold at a price of $20. e 80 units are being sold at a price of $20. f 80 units are being sold at a price of $40.
The graph shows the demand curve (D), average total cost curve (ATC), average variable cost curve (AVC), and the 90 - marginal cost curve (MC) for a perfectly (or purely) 80 - competitive firm. D= MR 70- Assuming that this firm maximizes profit, what is this firm's profit? 60 - ATC 50 AVC profit: $ 40 40- 30- MC 20 - 10- 40 10 20 30 50 60 70 80 90 Quantity Price and cost ($)
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Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium. Indicate which of the following graphs accurately reflects Sparkle's demand curve, marginal-revenue (MR) curve, average-total-cost (ATC) curve, and marginal-cost (MC) curve. A B Demand Demand ATC ATC MC MC MR MR Quantity of Sparkle Toothpaste Quantity of Sparkle Toothpaste O A O B Price, Cost, Revenue Price, Cost, Revenue

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