1 use the information in the table below to answer the

Assignment Help Microeconomics
Reference no: EM13375368

1. Use the information in the table below to answer the following questions.

 

Q

AVC

ATC

MC

MR1

P1

MR2

P2

0

-

-

-

-

130.00

-

80.00

1

55.70

155.70

55.70

120.00

120.00

70.00

70.00

2

52.80

102.80

49.90

100.00

110.00

50.00

60.00

3

51.30

84.63

48.30

80.00

100.00

30.00

50.00

4

51.20

76.20

50.90

60.00

90.00

10.00

40.00

5

52.50

72.50

57.70

40.00

80.00

-10.00

30.00

6

55.20

71.87

68.70

20.00

70.00

-30.00

20.00

7

59.30

73.59

83.90

0.00

60.00

-50.00

10.00

8

54.80

77.30

103.30

-20.00

50.00

-70.00

0.00

9

71.70

82.81

126.90

-40.00

40.00

-90.00

-

10

80.00

90.00

154.70

-60.00

30.00

-110.00

-

11

89.70

98.79

186.70

-80.00

20.00

-130.00

-

12

100.80

109.13

222.90

-100.00

10.00

-150.00

-

  1. Suppose the monopolistically competitive firm above is facing the following price and marginal revenues found in the MR1 and P1 columns. How much should this firm produce, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
  2. Now suppose there is a decrease in demand, and a corresponding decrease in the price and marginal revenue to the numbers shown in the MR2 and P2 columns. How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.

Reference no: EM13375368

Questions Cloud

Jason likes to buy guitars and trumpets his marginal : jason likes to buy guitars and trumpets. his marginal utility of guitars is given by mug 7t0.310g0.3 and his marginal
1 what makes yahoo an attractive opportunity and not just a : 1. what makes yahoo an attractive opportunity and not just a good idea?2. how will yahoo make money i.e. business
1 suppose a monopolist has the demand schedules marginal : 1. suppose a monopolist has the demand schedules. marginal costs are constant at 13 per unit and mc atc at all output
1 indicate whether each of the following statements is true : 1. indicate whether each of the following statements is true or false and explain why. do not simply give a corrected
1 use the information in the table below to answer the : 1. use the information in the table below to answer the following questions.nbspqavcatcmcmr1p1mr2p20
Requirement 1 in millions 2011 2012 2013contract price 340 : requirement 1 in millions 2011 2012 2013contract price 340 340 340actual costs to date 70 150 200estimated costs to
1controlsoft inc is a supplier of inventory management and : 1.controlsoft inc. is a supplier of inventory management and control software that is popular with companies in the us.
You are a member of a presidential commission appointed to : you are a member of a presidential commission appointed to consider a mandatory national health insurance plan and the
Scale economies and diseconomies at mcdonalds how does : scale economies and diseconomies at mcdonalds how does having a menu that is uniform around the country provide

Reviews

Write a Review

Microeconomics Questions & Answers

  The benefits and costs of an investment project the

the benefits and costs of an investment project the purchase of a piece of machinery are those given in the following

  Explain how to balance fixed and variable costs

Identify production level to maximize profits Explain how to balance fixed and variable costs Apply economic cost concepts in making business decisions learning team reflection

  Provide various reasons of trade restrictions

Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,

  Describe the concept of investment spending

describe the concept of investment spending, as wellas what will happen to the aggregate demand curve if investment spending is increased autonomously and provide an example ofspending that a macroeconomist would consider "investmentspending."

  Demand relation is a linear function of price and income

Demand relation is a linear function of price and income, use your spreadsheet program to obtain least squares estimates of Mississippi's demand for KBC microbrews.

  What is the total consumer surplus now

When the price fell from $29 to $19, how much did each consumer’s individual consumer surplus change? How does total consumer surplus change?

  Describe verbally the relationship between soft drinks and

the cross price elasticity of demand of soft drinks for popcorn is -2.0; and the income elasticity of demand for soft drinks is 1.2. Use this information to answer the following question.

  Comparative advantage

Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.

  How ppf presents a strong rationale for the plausibility

Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.

  The size of the labor force in a community is

The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work

  1 long-term economic growth is a term used to describe thea

1 long-term economic growth is a term used to describe thea more rapid growth in population than of real outputb

  Equilibrium price and quantity after the shift of the supply

The demand and supply curves for T-shirts in LA, Ca, are given through the following equations, Determine the equilibrium price and quantity after the shift of the demand curve.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd