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Author Question: The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition. a. What ... (Read 100 times)

Wadzanai

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on: Jun 29, 2018
The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition.
 
  a. What quantity will be produced?
  b. What price will be charged?
  c. What is Tony's total cost?
  d. What is Tony's total revenue?
  e. What is Tony's economic profit or loss?
  f. Is this a long-run equilibrium? Why or why not?

Question 2

Refer to the figure above. If the supply curve for flash drives shifts from S1 to S2, with no change in the demand curve, the new competitive equilibrium quantity is:
 
  A) 10 units.
  B) 20 units.
  C) 40 units.
  D) 60 units.


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ansleighelindsey

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Reply #1 on: Jun 29, 2018
Answer to Question 1

a. 40 pizzas per day
b. 12.00 per pizza
c. 320
d. 480
e. Tony has an economic profit of 160.
f. This is not a long-run equilibrium because Tony is earning an economic profit. In the long run, new firms will enter and Tony's economic profit will be eliminated.

Answer to Question 2

A


Wadzanai

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

gcook

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Reply 3 on: Yesterday
Excellent

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