ECON 1B03 Lecture Notes - Lecture 8: Perfect Competition, Root Mean Square, Demand Curve
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7 Mar 2018
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Consider the following market demand schedule and total costs for a monopoly.
Q | P | TR | TC | MR | MC | Profit | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
0 | 45 | Ā | 4 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
1 | 40 | Ā | 9 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
2 | 35 | Ā | 19 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
3 | 30 | Ā | 39 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
4 | 25 | Ā | 61 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
5 | 20 | Ā | 91 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
6 | 15 | Ā | 130 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
7 | 10 | Ā | 172 | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
a) Fill in the blanks.
b) How is the relationship between price and MR different between monopolistic and perfectly competitive markets?
c) Would the demand curve facing a monopolistic competitive market be more or less elastic than the demand curve facing a monopolist, why? Do firms in a monopolistically competitive market make long-run economic profits, why or why not?