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The MR curve of a
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- The graph below shows the Market conditions of Honey’s Laundry service, which is the only laundry in Arizon Residential Area. Considering the shop as a Monopoly market, answer the following questions: (a)In order to maximize profit, how many clothes does the shop clean?[Answer in numerical value only without any unit] (b)If the opening of five new laundries turns it into a perfectly competitive market, what should be the price Sunny’s laundry be charging now?[Answer in numerical value only without any unit] (c)Compute the change in total revenue between part a and part b.[Answer in numerical value only without any unit] Note: Bartleby does not accept more than 3 sub-parts, and here are no more than 3. Please solve all parts to get a 'like'. ThanksWhat is Marginal Revenue equal to for a firm in a competitive market?Which of the following can make a positive profit in the short run? A perfectly competitive firm A monopoly . Both A and B
- Monopoly firms are a lot more profitable than perfectly competitive firms. The primary reason is that the monopoly firm charges a price that is greater than marginal cost at the profit maximizing quantity. Explain this statement with a graph. Specifically, explain how the profit maximizing quantity and price are determined.Question 30 Under both perfect competition and monopoly, a firm will: O shut down in the short run if price falls short of AVC. is a price chooser and setter. maximize profit or minimize cost by setting MR = AC. earn economic profit in the long run. always earns a pure economic profit.Attempts Average: /3 3. The components of marginal revenue Gilberto's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Gilberto produced four fire engines, but he has decided to increase production to five fire engines. The following graph shows the demand curve Gilberto faces. As you can see, to sell the additional engine, Gilberto must lower his price from $105,000 to $90,000 per fire engine. Note that while Gilberto gains revenue from the additional engine he sells, he also loses revenue from the initial four engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. PRICE (Thousands of dollars per fire engine) 150 135 120 105 90 75 0 0…
- Raphael's hair salon is a monopoly in a small town and is currently earning an economic profit. a) Does Raphael's hair salon produce the allocatively efficient quantity? Explain. b) Assume that Raphael signs a new lease with an increase in rent, a fixed cost. Will the price of haircuts provided by Raphael increase, decrease, or stay the same in the short run? Explain. c) Assume that new hair salons enter the market and that the market becomes monopolistically competitive. In long-run equilibrium, will Raphael's hair salon produce the productively efficient quantity? Explain.What is the number of firms in a Perfect Competition and what is the price control of product by individual firms.Homework (Ch 14) 2. The demand curve facing a competitive firm The following graph shows the daily market for medium cardboard boxes in San Diego. 20 Demand 18 Supply 16 14 12 10 8. 1 2 3 4. 6. 7 8 10 QUANTITY (Millions of medium boxes) Suppose that Falero is one of more than a hundred competitive firms in San Diego that produce such cardboard boxes. PRICE (Dollars per medium box)
- The monopoly business is described as a price maker. How does this differ from a perfectly competitive firm which is described as a price taker? Explain fully.enter your response here $ Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfectly competitiveLOADING... and that the market price for a crate of oranges is $10 per crate. Part 2 Fill in total revenue, average revenue, and marginal revenue in the table below. (Enter your responses as integers.) Part 3 Crates of Oranges Market Price (per crate) Total Revenue (TR) Average Revenue (AR) Marginal Revenue (MR) 0 $10 $ enter your response here $ enter your response here 3 10. 410 enter your response here here enter your response here enter your response here 2 10 enter your response here. enter your response here enter your response here 0 long dash long dash 1 10 enter your response here enter your response here enter your response here 5 10 enter your response here enter your response here enter your responseFalero is one of more than a hundred competitive firms in Philadelphia that produce extra-large cardboard boxes for moving. The following graph shows the daily market demand and supply curves. PRICE(Dollars per extra-large box) 50 45 40 Demand 35 10 5 0 0 1 2 3 4 5 6 7 QUANTITY (Millions of extra-large boxes) Supply 9 10 ?
