The figure to the right depicts the short-run outcome for a firm in a monopolistically competitive industry. To maximize profits this firm should produce units of output. (Enter your response rounded to the nearest whole number.) Dollars per Unit 128 116 96 82 Monopolistically Competitive Firm MC MR D 0 48 104 Output SRATC G
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- EOC 17.07 Imagine the potato chip market is made up of two businesses: Jay's potato chips and Leah's stackable potato chips. Each company has just come up with an idea for a new flavour of chip, which it would sell for $3 a bag. Assume that the marginal cost for each new bag of chips is a constant $1 and the only fixed cost is advertising. Each company knows that if it spends $5 million on advertising, it will get 2 million consumers to try its new product. Jay's potato chips' market research suggests that its new flavour does not have any staying power in the market. Even though it could get 2 million consumers to buy the product once, it is unlikely that they will continue to buy the product in the future. Leah's stackable potato chips' research suggests that its product is very good, and consumers who try the product will continue to be buyers over the ensuing year. On the basis of its market research, Leah's stackable potato chips estimates that its initial 2 million customers will…TRUE OR FALSE IN LONG RUN EQUILIBIRUM A MONPOLISTIC COMPETITIVE FIRM WILL MOST LIKELY PRODUCE A LEVEL OF PURPUR FOR WHICH ORICE EQUALS AVERAGE TORAL COSTFill in the missing data for this Monopolistically Competitive firm. Don't forget to answer the questions below the chart. I. Average Total Marginal Total Marginal Total Total Quantity Price Revenue Revenue Cost Cost Cost Profit 50 na na -50 1 48 75 2 46 45 37 4 31 135 25 15 32 38 7 175 253 /////// 8. 144 311 9 90 379 /////I/ 10 459 This firm's fixed costs are? Assuming no inflation, we would predict this firm's price to rise/fall/ stay the same. Explain your answer.
- Economics A textbook publisher finds himself in monopolistic competition. This company cannot sell books at a price of $ 100 pesos per book. But for each decrease of $ 10 pesos that he makes in the price, the number of books he manages to sell increases by 20 daily books. The fixed cost of the company is $ 2,400 pesos per day. The average variable cost and the marginal cost of the company is constant at $ 20 pesos per book. If the business spends $ 1,200 a day on advertising, it can increase the number of books sold at each price by 50%. What is the price that maximizes the profits of the company when advertising is used? $ 60 $ 70 $ 50 $ 40The following graph shows the marginal cost curve for Oiram-46, a competitive firm producing magic hats. Suppose that currently, the prevailing market price is $1.50 per magic hat. On the following graph, use the blue points (circle symbol) to plot Oiram-46's price line. Then use the grey points (star symbol) to indicate the profit maximizing quantity of output produced by Oiram-46. TOTAL COST (Dollars) he 12 11 10 a 8 N 3 2 1 0 + Oiram-46 7 0 MC + H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 QUANTITY (Magic hats per week) Based on the graph, Oiram-46's profit-maximizing quantity is Demand Profit maximizing quantity ? magic hats, average revenue is $ and marginal revenue isIf perfectly competitive firms and monopolistic firms are not commonplace in the United States, why do we study them? Include at least 2 outside sources.
- Using the graph below, calculate the firm's profits at the profit maximizing output Price 408 384 360 336 312 288 264 240 216 192 168 144 120 96 72 48 24 0 0 56 112 168 224 280 336 392 448 504 560 616 672 728 784 840 896 Quantity -PMRMC-ACPrice, cost, revenue $100 $90 $80 $70 $60 $50 0 000 MR MC D /AC 0 7000 14000 21000 12000 Dresses per year Refer to the graph shown of a monopolistically competitive firm. In the long run: marginal cost will fall for firms that remain as other firms exit the industry. demand will fall for firms that remain as other firms enter the industry. Odemand will rise for firms that remain as other firms exit the industry. O average total cost will rise for firms that remain as other firms enter the industry.Which basic competitive strategy does Google follow?