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1. Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.
a) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar).
Quantity of Output
Price
Total Cost
Average Total Cost
1
2
3
4
5
6
7
8
9
b) How much output will this firm produce if it maximizes profit?
c) What price should this firm charge if it wants to maximize profit?
2. Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run. Your explanation should clearly state what will happen to the demand curve facing an individual firm and the reason why this happens.
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contemporary issues in microeconomics in nigeria
a) Explain the perverse incentive. b) What makes the incentive perverse? c) How could the incentive makers better the incentive?
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Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time
d
Recent developments in demand theory
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defin giffen goods?
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