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Author Question: The table below shows the demand and cost data facing Velvet Touches, a monopolistically competitive ... (Read 509 times)

magmichele12

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on: Jun 29, 2018
The table below shows the demand and cost data facing Velvet Touches, a monopolistically competitive producer of velvet throw pillows.
 
  Quantity Price Total Revenue Marginal Revenue Total Cost Marginal Cost
  1 30 32
  2 28 43
  3 26 53
  4 24 64
  5 22 76
  6 20 90
  7 18 106
  8 16 126
 
  Use the data to answer the following questions.
  a. Complete the Total Revenue (TR), Marginal Revenue (MR), and Marginal Cost (MC) columns above.
  b. What are the profit-maximizing price and quantity for Velvet Touches?
  c. Is the firm making a profit or a loss? How much is the profit or loss? Show your work.
  d. Is this firm operating in the long run or in the short run? Explain your answer.
  e. If the firm's profit or loss is typical of all firms in the market for throw pillows, what is likely to happen in the future? Will there be more firms or will some existing firms leave the industry? Explain your answer.
  f. What will happen to the typical firm's profit or loss after all entry/exit adjustments?

Question 2

OPEC periodically meets to agree to restrict the cartel's oil output, and yet almost every member of OPEC produces more than its own output quota. This suggests that OPEC has
 
  A) a threat of substitute goods. B) a noncooperative equilibrium.
  C) new potential entrants. D) a cooperative equilibrium.
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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momo1250

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Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Rayner Gray

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Reply #2 on: Apr 18, 2020
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