The graph below shows the demand for Cosmic shampoo.Costs and revenues6050403020100200 400 600 800 1000Quantity per periodSuppose there are no fixed costs and marginal cost is a constant $30.a. What are the perfectly competitive price and output?Price: $[Output: 500b. What are the cartel (monopoly) price and output?Price: $[Output:c. If there are only four firms in the cartel, what are the price and output of each firm, assuming equal shares? Round your answers to 1decimal place.Price: $Output:

Perfect competition is a type of market structure in which there are large number of buyers and…

The graph below shows the demand for Cosmic shampoo. Costs and revenues 60 50 40 30 20 10 0 200 400 600 800 1000 Quantity per period Suppose there are no fixed costs and marginal cost is a constant $30. a. What are the perfectly competitive price and output? Price: $30 Output: 500 b. What are the cartel (monopoly) price and output? Price: $[ Output: [ c. If there are only four firms in the cartel, what are the price and output of each firm, assuming equal shares? R decimal place. Price: $ Output:

The graph below shows the demand for Cosmic shampoo. Costs and revenues 60 50 40 30 20 10 0 200 400 600 800 1000 Quantity per period Suppose there are no fixed costs and marginal cost is a constant $30. a. What are the perfectly competitive price and output? Price: $30 Output: 500 b. What are the cartel (monopoly) price and output? Price: $[ Output: [ c. If there are only four firms in the cartel, what are the price and output of each firm, assuming equal shares? R decimal place. Price: $ Output:

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 33P: Draw a monopolists demand curve, marginal revenue, and marginal cost curves. Identify the...

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