Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Total Cost (Dollars) Marginal Cost (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) (Board games) 1 2 3 4 5 6 7 8 Price (Dollars per game) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 Based on your calculations, the firm will 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Fill in the Average Total Cost column in the previous table. board games at a price of $ Based on your calculations, the level of excess capacity in this monopolistically competitive market is per board game in the short run.

Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Total Cost (Dollars) Marginal Cost (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) (Board games) 1 2 3 4 5 6 7 8 Price (Dollars per game) 16.00 14.00 10.00 8.00 6.00 4.00 2.00 0.50 Based on your calculations, the firm will 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Fill in the Average Total Cost column in the previous table. board games at a price of $ Based on your calculations, the level of excess capacity in this monopolistically competitive market is per board game in the short run.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter24: Monopolistic Competition, Oligopoly, And Game Theory

Section: Chapter Questions

Problem 7QP

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The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Вoard games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 12.00 13 2 10.00 28 3 9.00 30 4 8.00 36 6.00 40 6. 4.00 60 7 2.00 72 8. 1.00 96 Under monopolistic competition, a typical firm will produce board games at a price of $ per board game in the short run. Based on your calculations, the firm will Fill in the Average Total Cost column in the previous table. Based on your calculations, the level of excess capacity in this monopolistically competitive market is
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