User Account

All Pages

What is the size of this firms profit or loss

Assignment Help Microeconomics
Reference no: EM13151851

Suppose that an oligopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal.

What is the size of this firm's profit or loss? $

Will there be entry or exit? (Click to select)ExitEntry

Will this restaurant's demand curve shift left or right? (Click to select)LeftRight

In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $9.

What is the size of the firm's profit?

Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?

Reference no: EM13151851

Questions Cloud

What is the firm short-run demand function for input z : What is the firm's short-run demand function for input Z? How much input Z will the firm use when the price is $40? When the price is $80?
Amount of office supplies expense : Fiber-Optics Company had an office supplies inventory of $800 at the end of its first year of operation. Office supplies costing $3,000 had been purchased during the year. What is the amount of office supplies expense for the year?
Calculate the calorimeter constant : Calculate the Calorimeter Constant if 25 g of water at 53C was added to 25 g of water at 25C with a resulting temperature of 35C?
What proportion of boxes is underweight : To avoid losing money, the top 5% (the heaviest 5%) is labeled overweight. A) What proportion of boxes is underweight?
What is the size of this firms profit or loss : Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?
Find any inflection points : Calculate lim x?0- f'(x) and lim x0+ f'(x). Calculate f''(x), and find any inflection points and the intervals on which f(x) is concave up and concave down.
What mass of copper would be produced : What mass of copper would be produced by the reduction of copper(II) ions during passage of 1 ampere of current through a solution of copper(II) sulfate for 51 minutes?
Preparation of budgets on same basis : From the standpoint of financial management of a government, state what objectives are served by preparation of budgets on the same basis as financial statements
Cost of goods sold for next month expected : The beginning inventory of merchandise is $10,000, and an ending inventory of $12,000 is desired. Beginning accounts payable is $76,000. What is the cost of goods sold for next month expected to be?

Reviews

Write a Review

Microeconomics Questions & Answers

  Distinguish between long-run and short-run profits

Does this case illustrate the law of diminishing marginal productivity and in this case, less and less of a single factor, labor, is being used. Does this have anything to do with the law of diminishing marginal utility?

  Find consumer surplus in dollars

Assume that the market demand for broccoli is given through Q=1000-5P and the market supply of broccoli is given through Q=4P-80 where Q is quantity per year measured in hundreds of bushels

  Current economic regulations and processes

Explain how a item might evolve from one market structure to another and what that means as to the value, competition and number for companies producing that product.

  What shift factors of supply might be at work

Write a brief report describing what shift factors of supply and/or demand might be at work and how you would label those factors. Conclude the report with your forecast of what would likely result one month after the publication of the article.

  Determine the shutdown point for firms

The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;

  Estimate industry equilibrium price or output combination

Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.

  Draw the demand curve and indicate the portions

Can you draw well-functioning preferences (i.e., they follow our assumptions about preferences) such that X is a normal good and Y is a substitute for X and draw the demand curve and indicate the portions that are elastic, inelastic, and unitary el..

  Question on patent system

Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.

  Find the asset demand function

Find the first order conditions and find the asset demand function for a when utility takes the log form, as in 1B above.

  Primary deficit

Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.

  Compute the marginal profit function

Compute the marginal profit function and what is the profit maximizing price, what is the market demand function and what is each firm's supply function?

  Explain the effect of interest rates on money supply

In the summer of 1997, Congress and president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997,

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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