I need help with my Econ HW
saiay8945
a11.pdf
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
Assignment #11: Perfect Competition and Monopoly – Part 2
Complete the table below and answer the corresponding questions.
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? (zero economic profit)
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
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
Complete the table below and answer the corresponding questions.
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? _____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
_____________________________________________________________________________________
