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Price Quantity Total Cost $220 $200 60 $180 260 $160 380 $140 520 $120 680 A) Betty is operating in a what type of of
Price Quantity Total Cost $220 $200 60 $180 260 $160 380 $140 520 $120 680 A) Betty is operating in a what type of of Market? (0.5 of a Mark) B) Calculate MR. Type in the column of values. (0.5 of a Mark) C) Calculate MC. Type in the column of values. (0.5 of a Mark) D) Determine Betty's profit Maximizing quantity? (0.5 of a Mark) E) Determine Betty's profit maximining price? (0.5 of a Mark) F) Calculate the ATC. Type in the column of values. (0.5 of a Mark) G) Is she making profits or losses? Calculate and Show your Work? (0.5 of a Mark) H) (i) Explain what would happen in the long run if all consumers believe that Betty's service has perfect substitutes. (1 Mark) (ii) What will be the new long run price and quantity if this was true. (0.5 of a Mark)
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