nderstanding excess capacity The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Board games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 1 15.00 11 2 13.00 20 3 12.00 27 4 10.00 36 5 7.00 45 6 5.00 60 7 3.00 70 8 1.00 104 Under monopolistic competition, a typical firm will produce board games at a price of per board game in the short run. Based on your calculations, the firm will . Fill in the Average Total Cost column in the previous table. Based on your calculations, the level of excess capacity in this monopolistically competitive market is .
nderstanding excess capacity The following table shows the daily cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run. Fill in the values in the Marginal Cost, Total Revenue, and Marginal Revenue columns in the following table and then answer the questions that follow. Quantity Price Total Cost Marginal Cost Total Revenue Marginal Revenue Average Total Cost (Board games) (Dollars per game) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 1 15.00 11 2 13.00 20 3 12.00 27 4 10.00 36 5 7.00 45 6 5.00 60 7 3.00 70 8 1.00 104 Under monopolistic competition, a typical firm will produce board games at a price of per board game in the short run. Based on your calculations, the firm will . Fill in the Average Total Cost column in the previous table. Based on your calculations, the level of excess capacity in this monopolistically competitive market is .
Related textbook solutions
Related questions
The following table shows the cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.
Fill in the values in the Total Revenue, Marginal Revenue, and Marginal Cost columns in the following table and then answer the questions that follow.
|
Quantity |
Price |
Total Cost |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Average Total Cost |
|---|---|---|---|---|---|---|
|
(Board games) |
(Dollars per game) |
(Dollars per day) |
(Dollars per day) |
(Dollars) |
(Dollars) |
(Dollars) |
| 1 | $16 | $12 | ||||
| 2 | $14 | $18 | ||||
| 3 | $10 | $21 | ||||
| 4 | $8 | $24 | ||||
| 5 | $6 | $35 | ||||
| 6 | $4 | $48 | ||||
| 7 | $4 | $63 | ||||
| 8 | $4 | $80 |
Under monopolistic competition, a typical firm will produce board games at a price of per board game in the short run.
Based on your calculations, the firm will.
Fill in the Average Total Cost column in the previous table.
Based on your calculations, the level of excess capacity in this monopolistically competitive market is
The following table shows the cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.
Fill in the values in the Total Revenue, Marginal Revenue, and Marginal Cost columns in the following table and then answer the questions that follow.
|
Quantity |
Price |
Total Cost |
Total Revenue |
Marginal Revenue |
Marginal Cost |
Average Total Cost |
|---|---|---|---|---|---|---|
|
(Board games) |
(Dollars per game) |
(Dollars per day) |
(Dollars per day) |
(Dollars) |
(Dollars) |
(Dollars) |
| 1 | $16 | $12 | ||||
| 2 | $14 | $18 | ||||
| 3 | $10 | $21 | ||||
| 4 | $8 | $24 | ||||
| 5 | $6 | $35 | ||||
| 6 | $4 | $48 | ||||
| 7 | $4 | $63 | ||||
| 8 | $4 | $80 |
Under monopolistic competition, a typical firm will produce _____________ board games at a price of ____________ per board game in the short run.
Based on your calculations, the firm will
earn a profit of $28
earn zero profit (break-even)
earn a profit of $10
suffer an economic loss of $10
Fill in the Average Total Cost column in the previous table.
Based on your calculations, the level of excess capacity in this monopolistically competitive market is
1 board game
3 board games
4 board games
5 board games
2 board game
