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Calculate the quantity of output store should produce

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Suppose you manage a local grocery store and you learn that a very popular national grocery chain is about to open a store in your town. Use the model of monopolistic competition to analyze the impact of this new store on the quantity of output your store should produce(Q) and the price your store should charge (P).Note we are assuming you each sell one representative good.

Explain how the opening of this new store may affect your business. be sure to address what can happen to your customers supply and demand and prices. what will happen to your profits? show graphically and explain your reasoning in detail .

Explain atleast one strategy that could be used to defend your market share against the new store .

1. Calculate the quantity of output your store should produce, before and after the new competitor, using the model of monopolistic competition.

2. Calculate the price of your store should change, before and after the new competitor, using the model of monopolistic competition.

Reference no: EM132559628

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