Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete three questions The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition On the graph,

please complete three questions

image text in transcribed
The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition On the graph, draw a point to indicate the firm's profit-maximizing output and price Draw a shape that shows the firm's economic profit or loss. Label it appropriately. >>> Draw only the objects specified in the question ATC - Of & Points Question 2 Peg repairs transmissions. Her fixed costs are $1,000 a month, and it costs her $24 of labor to repair one transmission. The table shows the demand schedule for Peg's repair services. Calculate Peg's profit-maximizing output, price, and economic profit. Price Quantity (dollars per repair) (repairs per month) 40 10 32 16 24 32 16 48 64 80 3 tries left Peg's profit-maximizing output is repairs a month. Peg's profit-maximizing price is $ a repair. Submit Draw a point at the firm's profit-maximizing output and price. Label it 1. Draw a point to indicate the firm's efficient scale and its average total cost at that output. Label it 2. Draw a horizontal arrow that indicates the firm's excess capacity. Price and cost (dollars per pair) MC ATC

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Technology Ventures From Idea To Enterprise From Idea To Enterprise

Authors: Richard C Dorf, Byers

3rd Global Edition

9780071289214

More Books

Students also viewed these Economics questions