This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition. a. What ... (Read 36 times)

Wadzanai

  • Hero Member
  • *****
  • Posts: 528
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

ansleighelindsey

  • Sr. Member
  • ****
  • Posts: 364
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

  • Member
  • Posts: 528
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

peter

  • Member
  • Posts: 330
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

There are 20 feet of blood vessels in each square inch of human skin.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Competition among Paramecium species. Competition among Paramecium species.
The meninges. This figure illustrates the location and structure of each layer of the meninges and t The meninges. This figure illustrates the location and structure of each layer of the meninges and t
front muscle figure front muscle figure
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
Refer to (d) in the figure above. This rectifier arrangement Refer to (d) in the figure above. This rectifier arrangement
Video: Semidiscontinuous DNA replication

For a complete list of videos, visit our video library