Fill out the table below. Unit Marginal Marginal Quantity (Q) Price (P) Total Revenue (TR) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Profit Cost Revenue 14 $10 $3 $43 15 $10 $51 16 $10 $60 17 $10 $70 18 $10 $81 3.2. Is the table above pertaining to a perfectly competitive firm or monopoly? How can you tell

Fill out the table below. Unit Marginal Marginal Quantity (Q) Price (P) Total Revenue (TR) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Profit Cost Revenue 14 $10 $3 $43 15 $10 $51 16 $10 $60 17 $10 $70 18 $10 $81 3.2. Is the table above pertaining to a perfectly competitive firm or monopoly? How can you tell

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Monopoly

Section: Chapter Questions

Problem 5PA

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Ron's Hamburger Place is the only restaurant in town, a monopoly Price and cost (dollars per hamburger) 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0 Price: $ [Select] ATC: $ [Select] 10 Profit: $ [Select] dan da MR MC Alt Text: Ron's Hamburger Place What is the profit maximizing output, price, and economic profit of Ron's Hamburgers, monopoly? Quantity: [Select] hamburgers per hour ATC 20 30 40 50 Quantity (hamburgers per hour) per hamburger
Economics Explain why a monopoly producer of shoes will not vertically integrate with perfect competitive distributors, and why a monopoly producer will vertically integrate with a monopoly distributor. Draw the appropriate graphs to explain these cases.
The figure below shows the demand and costs facing Mike's Bikes, a producer of mountain bikes. What quantity does the firm produce and what is its price? Calculate the firm's economic profit or economic loss. Price and cost (dollars per bike) 400 350 300 250 200 150 100 50 MC ATC MR 100 200 Quantity (mountain bikes per week) Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic loss is $10,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic loss is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $200 per bike, and economic profit is $5,000. Quantity produced is 100 mountain bikes per week, price of a mountain bike is $250 per bike, and economic profit is $5,000.
Please have a look at graph in the photo to answer the following questions Notes: MC is marginal cost, MR is marginal revenue, ATC is average total cost, AVC is average variable cost and D is the demand curve.a. By looking of this graph, what can you say about the market power of this firm? Is it a perfect competition or a monopoly? Explain. b. To maximize the profit, how many units should the firm produce? At what price?c. Based on your answer, what is the total revenue? Total costs? Total profit? Total fixed cost?d. Will you operate this firm in the short run? Long run? Briefly explain.
Which of the following is true in the long run for both perfect competition and monopoly? 1 Firms cannot earn economic profit in the long run. 2 Individual firms have no ability to control the price of their output but must accept the market price. 3 Firms go out of business in the long run if total revenue cannot cover total cost. 4 Firms can earn economic profit in the long run.
Kali is a dot-com entrepreneur who has established a Web site at which people can design and buy aring. Kali pays $600 a month for a Web server and Internet connection. The rings that customers design are made to order by another firm, and Kali pays this firm $20 a ring. Kali has no other costs. The table shows the demand schedule for Kali's rings. What is Kali's profit-maximizing output, price, and economic profit? Price (dollars per ring) 100 Quantity (rings per month) 0 80 20 60 40 40 60 20 80 0 100 Kali's profit-maximizing output is rings a month. Kali's profit-maximizing price is $ a ring. Kali's economic profit is $ a month.
EXAMPLE: Paulo's Ping Pong Balls is a firm that operates in a competitive market. The ping pong balls selI for $3 per package. Fill In the following table and determine the profit-maximizing level of output: Total Cost Marginal Revenue Marginal Cost Price Total Revenue Output Profit $3 $1.50 1 3 2.00 3 3.00 3 3 4.50 4 6.50 3 9.00 6. 3 12.00 7. 15.50 19.50 6. 24.00
16 5 Use the table below to answer questions about Christina's Christmas Wreaths. Christina operates in a perfectly competitive market for wreaths. Christina's Costs and Revenue Quantity Average Variable (wreaths) Cost (dollars) 5 $14.00 6 - 15.00 7 CALL/M 16.00 8 22.00 9 28.00 10 34.00 wreaths Average Total Cost (dollars) $24.00 23.00 23.00 28.00 34.00 39.00 $ Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to two decimal places. a. What is the profit-maximizing level of output for Christina's Christmas Wreaths? Marginal Cost (dollars) $20.00 b. What is the profit per unit if the profit-maximizing level of output is produced? $ olo L c. What is the total economic profit generated by producing the profit-maximizing output? $ % Marginal Revenue (dollars) $63.00 63.00 63.00 63.00 63.00 63.00 22.00 23.00 BIEL 63.00 82.00 TAO 84.00
Dana is a dot-com entrepreneur who has established a Web site at which people can design and buy awatch. Dana pays $200 a month for a Web server and Internet connection. The watches that customers design are made to order by another firm, and Dana pays this firm $60 a watch. Dana has no other costs. The table shows the demand schedule for Dana's watches. What is Dana's profit-maximizing output, price, and economic profit? Dana's profit-maximizing output is Dana's profit-maximizing price is $ Dana's economic profit is $ a month. watches a month. a watch. Price (dollars per watch) 100 80 60 40 20 0 Quantity (watches per month) 0 20 40 60 80 100
Examine the relationship between Marginal cost and average cost for firm in the short run. Why the Monopoly firm is considered inefficient compare to perfect competition? Write short notes on a) Normal profit for perfectly competitive firm b) Economic loss for perfectly competitive firm. Note: Show Graph Using Ms word
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Price Panel B D KEL Quantity Price Price Panel A D Quantity Panel D D Quantity Price Panel C All the answers are correct. D Quantity Use the figure above. Which of the following statements is correct? O Panel B represents the typical demand curve for a perfectly competitive firm. O Panel A represents the typical demand curve for a perfectly competitive market. O Panel A represents the typical demand curve for a monopoly.

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	Unit						Marginal	Marginal
Quantity (Q)	Price (P)	Total Revenue (TR)	Fixed Cost (FC)	Variable Cost (VC)	Total Cost (TC)	Profit	Cost	Revenue
14	$10		$3		$43
15	$10				$51
16	$10				$60
17	$10				$70
18	$10				$81