A monopolistic competitor has the following information about cost and demand.Price ($)Total Cost ($)Marginal Cost($)QuantityTotal RevenueMarginalRevenue ($)AverageCost($)($)2525302244823352.517.5423922145511.256.2213219607.51082116817778.59.6310202001510011.5101219228131261310.514182521116519.511.7916172729.21022.513.13181628872602514.441530053203016If this industry was perfectly competitive, what price would the good sell for?$15$19$21$2320

In a perfectly competitive market there are large number of firms producing similar and identical…

Answered: Price ($) Quantity Marginal Revenue ($)…

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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Similar questions

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 (Board games) (Dollars per game) Total Cost Marginal Cost (Dollars) (Dollars) Total Revenue (Dollars) Marginal Revenue (Dollars) Average Total Cost (Dollars) 1 16.00 14.00 10.00 8.00 6.00 4.00 2.00 2 3 4 5 6 7 8 0.50 12 18 21 24 35 48 63 80 Under monopolistic competition, a typical firm will produce Based on your calculations, the firm will 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.
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Marginal Total Cost Marginal Revenue Revenue ($) 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 35 40 45 9816 270 3 290 8 9.67 280 1 335 9 9.57 7 280 -1 385 10 9.63 270 -3 465 16 10.33 50 5 250 -5 565 20 11.3 Then, in the long run equilibrium, the firm will sell this good at what price? 1) $5 2) $7 3) $10 4) $14
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 (Board games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 1 15.00 11 2 13.00 20 3 12.00 27 4 10.00 36 5 7.00 45 6 5.00 60 7 3.00 70 8 1.00 104 Under monopolistic competition, a typical firm will produce _______ board games at a price of $_____ per board game in the short run.
Price ($) Monopolistically Competitive Firm Output D MR MC SRATC G
A monopolistic competitor has the following information about cost and demand. Price ($) Marginal Revenue ($) Total Cost ($) Marginal Cost ($) Quantity Total Revenue Average Cost($) ($) 15 15 175 14 70 13 180 1 36 10 13 130 11 190 19 15 12 180 207 3.4 13.8 20 11 220 7 225 3.6 11.25 25 10 250 5 250 10 30 270 3 290 8. 9.67 35 8 280 335 9.57 40 7 280 -1 385 10 9.63 45 6. 270 -3 465 16 10.33 50 5 250 565 20 11.3 What will this firm's profits equal in the long run? -$55 $0 $250 $280
Would a company selling in a monopolistic competitive market potentially produce a product with a negative marginal revenue?
A monopolistic competitor has the following information about cost and demand. Price ($) Marginal Cost ($) Quantity Total Revenue Total Cost ($) Marginal Revenue ($) Average Cost($) ($) 25 25 30 24 48 23 35 2.5 17.5 4 23 92 21 45 11.25 6. 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9. 210 22.5 13.13 18 16 288 7 260 25 14.44 15 300 5 320 30 16 What will the firm's profits equal in the short run? $91 $102 $228 20
PRICE (Dollars per bike) 500 450 400 350 ATC 300 250 200 150 100 50 MC MR Demand 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Bikes) Monopolistically Competitive Outcome Given the profit-maximizing choice of output and price, the shop is earning shops in the industry than in long-run equilibrium. Profit or Loss profit, which means there are
Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. The accompanying graph shows the market demand curve for their product. Price ($/unit) 1000 2000 3000 4,000 Quantity (units/month) If Quick Buck and Pushy Sales decide to collude and work together as a monopolist, then together they should produce Multiple Choice 3,000; $1 4,000; $2 D 2,000; $2 1,000; $3 units per month and charge per unit.
For a monopolistic competitor, the value marginal product (VMPVMP) curve (is the same as, lies above, or lies below) the marginal revenue product (MRPMRP) curve.
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Marginal Total Marginal Average Revenue Revenue Cost ($) Cost ($) Cost($) ($) (S) 0 19.00 30.00 2 18.00 36.00 18.00 35.00 2.50 17.50 4 17.00 68.00 16.00 45.00 5.00 11.25 6 16.00 96.00 14.00 60.00 7.50 10.00 8 15.00 120.00 12.00 77.00 10 14.00 140.00 10.00 12 13.00 156.00 8.00 14 12.00 168.00 6.00 16 11.00 176.00 4.00 18 10.00 180.00 2.00 8.50 9.63 100.00 11.50 10.00 126.00 13.00 10.50 165.00 19.50 11.79 210.00 22.50 13.13 260.00 25.00 14.44 20 9.00 180.00 320.00 30.00 16.00 If this industry was perfectly competitive, what price would the good sell for? $13 $12 $15 $14
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost Average ($) Cost($) 0 25 0 25 30 2 24 48 23 35 2.5 175 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 If this industry was perfectly competitive, what price would the good sell for? $15 $19 $21 $23

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