Table 10.1 shows the output, price, and total cost for a monopolistic competitor. The profit-maximizing output for the monopolistic competitor is_ 1 b C d Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. 0 units 1 unit 3 units Table 10.1. 5 units Q 912345 P $27 24 21 18 15 TC $10 17 32 47 67
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- O Macmillan Learning The accompanying graph depicts the long-run costs and revenue for a monopolistically competitive firm. The numbers in parentheses show the output level and the cost, respectively, associated with various points. Place point A at the profit maximizing price and quantity. 800 750 700 MC ATC (11,600) 650 600 (3,550) 550 What is the profit-maximizing output of this monopolistically competitive firm? Cost and Revenue ($) 500 450 (5,425) $400 (8, 400) 350 (7,340) 300 250 Units of Output 200 (5, 200) 150 100 50 MR What is the level of excess capacity for this monopolistically competitive firm? 0 0 1 2 3 4 5 6 7 8 Units of Output Units of Output (11,500) 9 10 11 12 13 14 15Quèstion 13 Figure#5 $10 MC ATC $7 $6 $5 $4 $3 $2 $1 MR $0 0 10 20 30 40 50 60 70 80 90 100 Quantity Refer to Figure#5. This figure depicts a situation in a monopolistically competitive market. In long run, how much output will the monopolistic competition produce and will charge at what price? Price 9876 5A32The graph shown displays the cost and revenue curves associated with a monopolistically competitive firm S 18 17 16 15 14 13 12 11 10 9 8 7 654321 3 MC MR 1. $250 2. $200 3. $360 4. $450 ATC 5%53%85%%%%%% At profit maximizing output level, how much profit does this firm earn? D 100 Quantity
- Question 16 Monopolistic Competition -- Questions 16-20 refer to Figure 6-2 below. This figure depicts a situation in a monopolistically competitive market. Figure 6-2 105 100- MC 95 90+ ATC 70 65 60 55 30 45 40 35 30 25 20 15 10+ MR Demand +++ s 10 is 20 25 30 35 40 4s s0 ss 60 6s 70 7s so as 90 95 10010s1101is120 Refer to Figure 6-2. What quantity will the monopolistically competitive firm charge in this market?Question 4 $19 16 13 10 0 100 MC 160180 210 Quantity MR ATC D Assume all monopolistically competitive firms in an industry have demand and costs similar to the firm shown. What should we expect? O Firms will exit the business and the demand curve will shift to the left This firm will produce where MR-MC and no other firms will enter or exit Other firms will enter the industry and the demand curve will shift to the leftThe graphs below shows a firm operating in monopolistic competiton market structure. 105 100 MC 95 90 + ATC 85 80 75 70 65 60 55+ 50 + 45 + 40 + 35 + 30 + 25 + 20 15 + 10+ MR +++++++++YT+++) Demand 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100105110115120 Q i. Determine the profit maximizing price and quantity at equilibrium. ii. Calculate the Total Revenue, Total Cost and profit. iii. Firms in this market structure usually practise product differentiation. Why?
- $/q 16 14 12 10 OB642 8 0 1250 500 250 MC 750 ATC In the above figure, the monopolistic competitor's profit-maximizing total cost is D MR 50 100 150 200 250 g/tThe graph below is for Chic and Sharpe Ltd., a firm in the women's garment industry, which is monopolistically competitive. Cost and revenues 70 60 50 40 30 10 0 Seleg v Select Quantity per period Select Select v 10 20 30 40 50 60 70 80 90 O Search Prev 1 of 6 HHH Next >estion 5 оT 16 Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. Use the graph to highlight the area of profit or loss and answer the questions. 10 Average cost Profit or loss Marginal cost 8 7 4 3 Demand 1 Marginal revenue 10 20 30 40 50 60 70 80 90 100 Pairs of gloves (in thousands) Price per pair ($)
- How does the 'threat of new entrants' affect business within th toruism industryHow does a monopolistic competitor choose its profit-maximizing quantity of output and price?* 00 工 B T ロ|0|0| %24 1. Conditions for monopolistic competition Consider the monopolistically competitive market structure, which has some features of a competitive market and some features of a monopoly. Complete the following table by indicating if each attribute characterizes a competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Competitive Market Monopolistically Competitive Market Price taker Identical products Price equals average total cost in the long run Product differentiation Grade It Now Save & Continue Continue without saving MacBook Pro AFAT ACIDHE i & 23 2 4 3. 5. R option command