Perfect competition and monopolycomplete the table below, Ask an Expert

Economics

Perfect Competition and Monopoly

Complete the table below and answer the corresponding questions.

Price	Output	Total Revenue	Marginal Revenue	Total Cost	Marginal Cost	Average Total Cost	Profit
30	0			100
30	1			128
30	2			150
30	3			165
30	4			185
30	5			210
30	6			245
30	7			290
30	8			350

Q1. Does the table depict a firm facing perfect competition or a monopolistic firm? Explain.

Q2. According to the table, what are this firms fixed costs?

Q3. What is the profit maximizing level of output?

Q4. What is the maximum profits this firm can attain?

Q5. Why would this firm decide to produce instead of shut-down?

Q6. What would happen in the long-run to get this firm back to the long-run equilibrium?

Complete the table below and answer the corresponding questions.

Price	Output	Total Revenue	Marginal Revenue	Total Cost	Marginal Cost	Average Total Cost	Profit
75	0			100
70	1			128
65	2			150
60	3			165
55	4			185
50	5			210
45	6			245
40	7			290
35	8			350

Q1. Does the table depict a firm facing perfect competition or a monopolistic firm? Explain.

Q2. According to the table, what are this firms fixed costs?

Q3. What is the profit maximizing level of output?

Q4. What is the maximum profits this firm can attain?

Q5. Why would this firm decide to produce instead of shut-down?

Q6. What did this business to decrease their losses?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91335700
Price:- $60

Guranteed 36 Hours Delivery, In Price:- $60

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question show the market for cigarettes in equilibrium

Question: Show the market for cigarettes in equilibrium, assuming that there are no laws banning smoking in public. Label the equilibrium private market price and quantity as Pm and Qm. Add whatever is needed to the mode ...

Question recycling is a relatively inexpensive solution to

Question: Recycling is a relatively inexpensive solution to much of the environmental contamination from plastics, glass, and other waste materials. Is it a sound policy to make it mandatory for everybody to recycle? The ...

Question consider two ways of protecting elephants from

Question: Consider two ways of protecting elephants from poachers in African countries. In one approach, the government sets up enormous national parks that have sufficient habitat for elephants to thrive and forbids all ...

Question suppose you want to put a dollar value on the

Question: Suppose you want to put a dollar value on the external costs of carbon emissions from a power plant. What information or data would you obtain to measure the external [not social] cost? The response must be typ ...

Question in the tradeoff between economic output and

Question: In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent? The response must be typed, single spaced, must be in times new roma ...

Question consider the case of global environmental problems

Question: Consider the case of global environmental problems that spill across international borders as a prisoner's dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries ...

Question consider two approaches to reducing emissions of

Question: Consider two approaches to reducing emissions of CO2 into the environment from manufacturing industries in the United States. In the first approach, the U.S. government makes it a policy to use only predetermin ...

Question the state of colorado requires oil and gas

Question: The state of Colorado requires oil and gas companies who use fracking techniques to return the land to its original condition after the oil and gas extractions. Table 12.9 shows the total cost and total benefit ...

Question suppose a city releases 16 million gallons of raw

Question: Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits in ...

Question four firms called elm maple oak and cherry produce

Question: Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper, and wood scraps). The first row of Table 12.6 sho ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert