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The ones in green are correct. Needing assistance with the others. thank you Use the graphic to the right for the following questions. P= 18
The ones in green are correct. Needing assistance with the others. thank you
Use the graphic to the right for the following questions. P= 18 - 0.0015 Q 1 37) Profit Maximizing Q or Qumax_ 25 1 38) Price at Qumax_ MC 20 1 39) ATC at Qumax_ 2000 40) Profit at Qumax_ ATC 15 1 41) Q at Price=MC or Qp=mc_ - . - MR ........ $ per unit . . .... . MC 1 42) MC at Qumax_ P=AR AR 10 - ATC 1 43) Estimated Dead Weight Loss_ (Triangle est.) 1 44) Market Organization MR A) Perfect Competition; B) Monopolistic Competition; C) Monopoly 5 0.2 45) Lerner Index 1 46) Elasticity of Demand (dQ/dP)*p/Q O 0009 OOSS OOOS 0Oot OOS 3500 4500 2500 1000 OOST 0007 3000 Quantity 1 47) Value of Markup Factor 1 48) Markup factor times MC 1 49) T/F Hey! This is the same price we got in 38) using the demand curve where Q is such that MR=MC. 50) What do you expect to happen to profitability in the longer run for this firm? A) Nothing. It is a monopolist, and suffers not from competition. B) The firm suffers as a consequence of new entry, causing ATC to rise as more firms compete for existing resources, reducing profitability. C) Demand will decline as more firms, attracted by economic profits, enter the industry, resulting in eventual tangency of the demand curve with the average total cost curve, and thus, zero economic profits, but earning a "normal" profit. D) None of the aboveStep by Step Solution
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