monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 0 15 0 15 175 — — 5 14 70 13 180 1 36 10 13 130 11 190 2 19 15 12 180 9 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 5 250 5 10 30 9 270 3 290 8 9.67 35 8 280
monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Average Cost($) 0 15 0 15 175 — — 5 14 70 13 180 1 36 10 13 130 11 190 2 19 15 12 180 9 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 5 250 5 10 30 9 270 3 290 8 9.67 35 8 280
Chapter9: Monopolistic Competition And Oligoply
Section: Chapter Questions
Problem 8SQ
Related questions
Question
A monopolistic competitor has the following information about cost and demand.
|
Quantity |
Price ($) |
Total Revenue ($) |
Marginal Revenue ($) |
Total Cost ($) |
Marginal Cost ($) |
Average Cost($) |
|
0 |
15 |
0 |
15 |
175 |
— |
— |
|
5 |
14 |
70 |
13 |
180 |
1 |
36 |
|
10 |
13 |
130 |
11 |
190 |
2 |
19 |
|
15 |
12 |
180 |
9 |
207 |
3.4 |
13.8 |
|
20 |
11 |
220 |
7 |
225 |
3.6 |
11.25 |
|
25 |
10 |
250 |
5 |
250 |
5 |
10 |
|
30 |
9 |
270 |
3 |
290 |
8 |
9.67 |
|
35 |
8 |
280 |
1 |
335 |
9 |
9.57 |
|
40 |
7 |
280 |
-1 |
385 |
10 |
9.63 |
|
45 |
6 |
270 |
-3 |
465 |
16 |
10.33 |
|
50 |
5 |
250 |
-5 |
565 |
20 |
11.3 |
If this industry was
Question 7 options:
|
$8 |
|
|
$9 |
|
|
$10 |
|
|
$11 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning