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- Part II | The graph below shows a monopolistically competitive firm in the short run. $ 10 6 4 MC ATC 10 25 30 9. What is the firm's profit-maximizing price and quantity? 10. How much profit does that firm make at that price and quantity? 60Westchesser 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, Price per pair (5) 10 20 Marginal profit or loss: $ Aver co Pairs of gloves (in thousand) Demand 70 80 90 100 Profit or loss Calculate Westchesser's profit or loss at the profit-maximizing price. What will happen to the number of firms in this industry in the long run? Firms will enter this industry, increasing the price at which each firm can sell their gloves until firms begin to earn normal profits. O Firms will exit this industry, increasing the price at which each firm can sell their gloves until firms begin to carn normal profits. O Firms will exit this industry, decreasing the price at which each firm can sell their gloves until firms begin to carn normal profits. O Firms will enter this industry, decreasing the price at which each firm can sell their gloves until firma begin to carn normal profitsExercise A.13. Explain and graph the long-run equilibrium of a monopolistic firm and that of a perfectly competitive firm. Compare both situations in terms of the level of production, prices and economic efficiency.
- Westchesser Gloves is a monopolistically competitive firm that sells leather gloves. a. In the graph below, highlight the area of profit or loss. Price per pair ($) Incorrect 10 9 8 7 3 2 1 0 Average total cost 0 10 20 30 40 50 Pairs of gloves (in thousands) Westchesser's profit/loss: $ Marginal cost 80 Incorrect Demand Marginal revenue 60 70 80 90 100 b. Calculate Westchesser's profit/loss at the profit maximizing price. Profit or lossThe figure below shows the situation facing Smart Digit, Inc, a firm in monopolistic competition that produces calculators. What is the firm's economic profit per day? 20 16 MC ATC 12 MR 100 200 300 400 500 600 Quantity (calculators per day) 00 4. Price and costs (dollars per calculator)Cost and revenue The graph presents the short-run costs and revenue for a monopolistically competitive firm. Use this information to $800 Marginal cost Average total cost determine the profit-maximizing output and profit for this 750 firm in the short run. 700 650 What is the profit-maximizing output of this 600 550 monopolistically competitive firm? Round your answer to 500 the nearest whole number. 450 400 Demand units of output 350 11 300 250 What is the maximum level of profits for this 200 monopolistically competitive firm? Round your answer to 150 the nearest whole number. Marginal revenue 100 50 0 1 2 3 4 5 6 7 8 9 1011 12 13 14 15 16 17 18 19 20 350 Units of output %24
- How does the demand curve for a monopolistic competitive firm looks like? Graph it.K Suppose the figure to the right represents the market for a particular brand of shampoo, such as L'Oreal, Lancome, or Maybelline. Assume the market is monopolistically competitive. What is the firm's profit-maximizing price and quantity? thousand per bottle. (Enter your The monopolistically competitive firm's profit-maximizing quantity is bottles of shampoo, and its profit-maximizing price is $ responses as integers.) Price and cost (per bottle) ♫ 3.00- MC 2.80- ATC 2.60- 2.40- 2.20- 2.00- 1.80- 1.60- 1.40- 1.20- 1.00- 0.80- 0.60- 0.40- 0.20- 0.00+ 0 MR 2 4 6 8 10 12 14 16 18 20 22 24 Quantity (shampoo bottles in thousands)The graph depicts a monopolistically competitive firm. Dollars ($) 90 80 65 55 50 MC 0 ATC MR 10 20 35 45 50 Quantity of Output (Units) Refer to the above graph. This monopolistically competitive firm is: making economic profit in the long run. making economic profit in the short run making a loss in the long run. making a loss in the short run.
- The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's current economic profit (per day) is_____, and its long-run economic profit is _____. Price and cost $40 30 23 20 10 0 $3,000; $0 $1,500; $0 $1,500; $2,500 $4,000; $3,000 MR 150 200 MC ATC ATC AR=D Quantity (per day)7. The figure shows the monopolistically competitive market for smartphones. Plot the profit-maximizing price and quantity on the graph. Is this producer earning positive or negative profits in the short run? In the long run, will supply or demand for this producer's good be affected? Will economic profits increase or decrease for this producer?Marginal revenue and marginal cost intersect at point Multiple Choice C. d. a. b.
