A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost Average ($) Cost($) 0 25 0 25 30 2 24 48 23 35 2.5 175 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 10 22 168 17 77 8.5 9.63 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 16 18 252 11 165 195 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 If this industry was perfectly competitive, what price would the good sell for? $15 $19 $21 $23
A monopolistic competitor has the following information about cost and demand. Quantity Price ($) Total Revenue ($) Marginal Revenue ($) Total Cost ($) Marginal Cost Average ($) Cost($) 0 25 0 25 30 2 24 48 23 35 2.5 175 4 23 92 21 45 5 11.25 6 22 132 19 60 7.5 10 8 21 10 22 168 17 77 8.5 9.63 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 16 18 252 11 165 195 11.79 16 17 272 9 210 22.5 13.13 18 16 288 7 260 25 14.44 20 15 300 5 320 30 16 If this industry was perfectly competitive, what price would the good sell for? $15 $19 $21 $23
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter10: Monopolistic Competition And Oligoply
Section: Chapter Questions
Problem 6SQ
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Transcribed Image Text:A monopolistic competitor has the following information about cost and demand.
Quantity
Price ($)
Total Revenue
($)
Marginal
Revenue ($)
Total Cost ($)
Marginal Cost
Average
($)
Cost($)
0
25
0
25
30
2
24
48
23
35
2.5
175
4
23
92
21
45
5
11.25
6
22
132
19
60
7.5
10
8
21
168
17
77
8.5
9.63
10
20
200
15
100
11.5
10
12
19
228
13
126
13
10.5
14
18
252
11
165
19.5
11.79
16
17
272
9
210
22.5
13.13
18
16
288
7
260
25
14.44
20
15
300
5
320
30
16
If this industry was perfectly competitive, what price would the good sell for?
$15
$19
$21
$23
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