1 price $1.40 $1.00 $0.95 $0.85 $0.60 MR MC ATC D 0 300 500 900 1000 Quantity The short-run equilibrium price for the monopolistically competitive firm represented in the graph above is: $0.95. $1.00. $0.60. $0.85.
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- Make a case for why monopolistically competitive industries never reach long-run equilibrium.Figure 16-10 The figure is drawn for a monopolistically-competitive firm. 160 140 123.33 90 QUESTION 1 56.67 Price 100 133.33 154.92 MR MC ATC Demand Refer to Figure 16-10. As the figure is drawn, the firm is in a. neither a short-run equilibrium nor a long-run equilibrium. b. a long-run equilibrium but it is not in a short-run equilibrium. c. a short-run equilibrium but it is not in a long-run equilibrium. d. a short-run equilibrium as well as a long-run equilibrium. QuantityConsider the following market for Tim's Terrible T-shirts a firm company producing in the monopolistically competitive t-shirt market. $7 $6 $5 $3 $2 $1 0 Question 16 10 20 30 Question 17 MR 40 Quantity MC D 50 60 70 80 At his profit maximizing output, what is the total profit earned by Tim? Should Tim want to maximize his profit in the short-run, how many t-shirts will he produce? ATC Describe what we expect to happen to Tim's terrible t-shirts in the long run. Since Tim is making |Select] to participate in the market. As a result, the demand for Tim's shirts should Select] Please answer all parts of question correctly. will give thumbs up if correct ✓economic profit in the short-run, as he transitions to the long run we would expect [Select | and become (Select]
- Fill in the missing data for this Monopolistically Competitive firm. Don't forget to answer the questions below the chart. I. Average Total Marginal Total Marginal Total Total Quantity Price Revenue Revenue Cost Cost Cost Profit 50 na na -50 1 48 75 2 46 45 37 4 31 135 25 15 32 38 7 175 253 /////// 8. 144 311 9 90 379 /////I/ 10 459 This firm's fixed costs are? Assuming no inflation, we would predict this firm's price to rise/fall/ stay the same. Explain your answer.4. Maria manages a bakery that specializes in ciabatta bread (monopolistically competitive firm), and she has the following information on the bakery’s demand and costs: Ciabatta Bread Sold per Hour (Q) 0 1 2 3 4 5 6 7 8 Price (P) $6.00 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 Total Cost (TC) $3.00 7.00 10.00 12.50 14.50 16.00 17.00 18.50 21.00 a. To maximize profit, how many loaves of ciabatta bread should Maria sell per hour, what price should she charge, and how much profit will she make? b. What is the marginal revenue Maria receives from selling the profit-maximizing quantity of ciabatta bread? What is the marginal cost of producing the profit- maximizing quantity of ciabatta bread?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
- 9 of 15 Warwick Inc. produces in a monopolistically compettive market. Which of the following corectly explains howa fmin this market struchure would transition trom the short run to the long run? O The supemomal profits eamed by Warwick Inc in the short run will attract new firma into the market. This wil shit the market supply curve to the right, which will reduce the market price and the price faced by Warwick ine. The price wil keep falling until Average Revenue equals Average Cost and only normal profits are made. O The supermormal profits eamed by Warwick Inc. in the short run will attract new firms into he martet. This wil shit Warwick ine. demand curve to the left and t wit continue to shit left until Average Revenue equals Average Cost and only normal profits are made O The supemomal profits eamed by Wanwick Inc. in the short run will lead to the market demand aurve shifing to the right, which will raise the price fims can sell at and ts wil atract now frms into the market.…$19 16 30 13 10 O 100 Multiple Choice 160180 210 Quantity loss of $320. profit of $480. MC Refer to the diagram for a monopolistically competitive firm in short-run equilibrium. This firm will realize an economic profit of $280. profit of $600. MR ATC DThe graph shows the demand curve and marginal revenue curve of Java Time, Inc., a producer of espresso machines in monopolistic competition. Draw the firm's marginal cost curve if Java Time produces 125 espresso machines a week. Label it Draw a point at the profit-maximizing quantity and price. if average total cost at the profit-maximizing quantity is $100 a machine, what is Java Time's economic profit? Java Time's economic pro t is $ Selected: none ON 804 604 0 Price and cost (dollars per machine) 25 50 75 100 125 150 1175 200 225 250 2 Quantity (espresso machines per week) >>> Draw only the objects specified in the question ate Clear ?
- $100 $90 MC АТС $80 $70 $60 $50 $40 $30 Demand = P $20 $10 MR $0 10 20 30 40 50 60 Output (Q) The firm shown in the diagram above is in long run equilibrium in a monopolistically competitive market. According to the graph, the Markup is Select one: а. $50 O b. $30 O c. $40 O d. $60Price, cost, revenue $100 $90 $80 $70 $60 $50 0 000 MR MC D /AC 0 7000 14000 21000 12000 Dresses per year Refer to the graph shown of a monopolistically competitive firm. In the long run: marginal cost will fall for firms that remain as other firms exit the industry. demand will fall for firms that remain as other firms enter the industry. Odemand will rise for firms that remain as other firms exit the industry. O average total cost will rise for firms that remain as other firms enter the industry.Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dolars per kit) 100 8 80 70 50 8 10 0 MO 10 ATC 20 30 O True O False MR 60 70 QUANTITY (Thousands of kits) Demand 40 80 90 100 Mon Comp Outcome Min Unit Cost Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that firm. Further, a monopolistically competitive firm's average total cost in long-run equilibrium is True or False: This indicates that there is excess capacity in the market for kits. at the optimal quantity for each the minimum average total cost.
