Use the diagrams to answer the following questions.Price and cost20-1816-14-12108642+oMarket 1488888MCNO₂MR40 55 an in en nn minnPrice and cost20-18-16-1412-10-8-6-4-2-0Market 20000000MCNMRAnnnnn in ED ORA on noinnIf the firm wants to maximize profits, what price will it charge in Market 1, and what quantity will it sell? The firm will charge a price of $using integers).Qand will sell a quantity of units. (Enter numeric responses

The marginal revenue is the extra revenue that the firm earns when it sells an extra unit of output.…

Price and cost 18 16- 14 12- 10 Market 1 CID Price and cost Market 2 If the firm wants to maximize profits, what price will it charge in Market 1, and what quantity will it sell? The firm will charge a price of $ and will sell a quantity of using integers). units. (Enter numeric responses

Price and cost 18 16- 14 12- 10 Market 1 CID Price and cost Market 2 If the firm wants to maximize profits, what price will it charge in Market 1, and what quantity will it sell? The firm will charge a price of $ and will sell a quantity of using integers). units. (Enter numeric responses

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter24: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 12CQ

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