Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

Microeconomics 6

Assignment in attachment 

1. The following graph shows a firm operating in a monopolistically competitive
market. How many haircuts will the firm perform in the short term, and at what
price? At this point, what will its total revenue, total cost, and total profit be?
Given your answers, what would we expect to happen in the long term in this
market (i.e., are we at long-term equilibrium, or will we see further changes)?

2. Central Grocery in New Orleans is famous for its muffuletta, a large round
sandwich filled with deli meats and topped with a tangy olive salad. Suppose the
following table represents cost and revenue data for Central Grocery.

cost and revenue data for Central Grocery

Muffaletta
Sold per Day

Pric
e (P)

Total
Revenue

(TR)

Marginal
Revenue

(MR)

Total
Cost
(TC)

Marginal
Cost (MC)

Average
Total Cost

(ATC)

P
r
o
fi
t

0 $15 $12

1 14 18

2 13 20

3 12 21

4 11 23

5 10 26

6 9 30

7 8 35

8 7 42

9 6 52

10 5 78

Fill in the table. What is the profit-maximizing price and quantity, and what profit will be
earned at that production level?

3. Consider two beer producers, POTUS Pilsner and Supreme Court Stout. If they
advertise, they can sell more beer and increase their revenue. However, advertising
costs offset the increased revenue so that each producer ends up with a lower profit

than if they do not advertise. On the other hand, if only one advertises, that producer
increases its market share and profit.

A. Construct a payoff matrix using the following hypothetical information: If neither
producer advertises, each earns a profit of $35 million per year. If both promote,
each will make a profit of $20 million per year. If one advertises and the other does
not, the producer who advertises earns a profit of $50 million, and the producer who
does not make a profit of $9 million.

B. If POTUS Pilsner wants to maximize profit, will it advertise? Briefly explain.
C. If Supreme Court Stout wants to maximize profit, will it advertise? Briefly explain.
D. Is there a dominant strategy for each producer? Briefly explain.

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Journal Article 1

See attachments  BUSI 613 Journal Article Review Assignment Instructions Overview MBA programs around the country are starting to require their students to become more effective writers. This is in response to industry’s urging for grad schools to improve the writing skills of graduate students. Writing at the MBA level should

Prof Double R

 Electronic Health Record  Answer the following questions: What is an EHR? What types of information are found in an EHR? Who manages an EHR? How is it used? Does an EHR follow the patient to other health facilities? Explain.

Microeconomics 7

Assignment in attachment  1. What are the four most important ways a firm becomes a monopoly? Will a monopoly that maximizes profit also be maximizing revenue? Will it be maximizing output? Explain. 2. Assume the graph below represents the market for a monopolist. What quantity will the monopolist produce, and

Microeconomics 2

Assignment in attachment  1. The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus: A. When the market price is allowed to prevail, and B. When the town passes a law setting a price ceiling for flank steak of $13 per

MBA 699 4-2 Milestone 2

   1. Current employee demographics: Summarize the current employee demographics for the organization from the course scenario. a. Use Tableau to visualize the demographic data such as age, sex, marital status, education, and experience, and include the corresponding screenshots in your summary. Choose the graphs or charts that are best

HRM 6301 III

1 Three Keys to Success Joshua A. Learner Columbia Southern University LSS 1300: Learning Strategies for Success Dr. John Doe July 10, 2020 SAMPLE FORMAL ESSAY The title page includes the title of the assignment in bold font, the student’s name, the name of the university, the course name, the

ECO 6301 III

2 Economics for Managers ECO 6301 Unit III Essay Unit III Essay This 3-to-5-page essay measures your mastery of ULOs 1.1, 1.2, 2.1, 6.1, 6.2 and 7.1. Elasticity Assignment objective: Unit I introduced the benefits of markets to improving outcomes for producers and consumers. Unit II examined the role of

RCH 5301

2 Research Design and Methods RCH 5301 Unit II DB Describe a quantitative research project you would be interested in starting now or in the near future. Explain the problem and why this would be important for you to study. Why is a quantitative methodology an appropriate research strategy for

Business Finance – Accounting excel assignment

need this excel assignment done by tomorrow at 11:59. need formulas to be put in excel not just the answers Sheet1 Porsche and Mercedes-Benz, both based in Germany, are two of the largest automobile manufacturers in the world. The following information was provided in each company’s 2019 annual report. Porsche

Business Finance – Economics Global economics assignments

see attached READ ENTIRELY!  Assignments Week 2-6 NO AI!!! Week 2: DUE JULY 19 The role of government in the economy is often debated by economists and businesspeople. The debate ranges from having little to no government intervention to having a strong government presence in both business and social settings.

HRM 6301

2 Human Resources Management Methods HRM 6301 Equal employment opportunity and subsequent discrimination are major factors in today’s workplace. For a quick review, you can access the U.S. Equal Employment Opportunity Commission’s  Employees & Job Applicants webpage to review discrimination by type.  Considering the many types of employment discrimination, share which

dbs global economics

See attached DB1 Week 1 DUE JULY 09 Define capitalism and socialism and provide examples of countries that govern using each structure. Discuss why capitalism and socialism are currently spotlighted in U.S. politics giving the pros and cons of each organizational structure. Be specific and give supporting facts, not just

ECO 6301 II

2 Economics for Managers ECO 6301 Unit II This unit’s readings include information on pricing. You are introduced to the shutdown price, using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on

Marketing Plan

iMBA Operations Strategy Module Summer 2024 Group Project One submission per group Only include your group name on the submission (points are deducted if individual group member names are included) . Please submit a Microsoft Word document. Limit of 20 pages, excluding title sheet, references, and appendices. 1. Overview of

WK1PR599

SEE ATTACHED 1 6 Peer Response: Cite 2 Scholary authors for each. •    Find at least TWO students whose conclusions bring new levels of understanding to your view on McDonald’s internal performance or conclusions. •    Discuss any major differences where you might disagree. 1Acj. A purpose/mission statement is

23

check f  This file is too large to display.View in new window

Dissertation Phase 3

To conclude the phase 3 of the dissertation and finally attach phase 1 & phase 2.  Recordings will be shared via zip, request you to use it for the NVivo analysis and prepare transcripts in a separate document