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Bow Wow Bazaar is a increasing company specializing in gourmet dog food and supplies in Florida resort communities. BWB's demand and cost information are as follows:
P = 4500 - QMR = 4500 - 2QTC = 150,000 + 400QMC = $400
where Q is output, P is price in dollars, MR is marginal revenue, TC is total cost and MC is marginal cost. All costs include a normal return of 12% on capital investment.
A. Determine the profit-maximizing price and output levels, and the profit earned.B. Based on your results in Part A and assuming the firm operates in a monopolistically competitive industry, explain what will happen to this industry in the long run?C. Determine the output level, price, and profits that will occur in long-run equilibrium. Assume a high-price, low-output scenario assuming a parallel shift of the firm's demand curve. Be sure to explain what you are doing and why. Hint: The slope of the ATC curve is -$150,000/Q2.D. Calculate BWB's new long-run equilibrium demand curve.
Draw a bowed-out production possibilities curve (PPC or PPF) with an aggregate measure of medical services, Q, on the horizontal axis and an aggregate measure of all other goods (and services), Z, on the vertical axis.
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