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Author Question: Monopolistic Competition in the Long RunThe airline market is monopolistically competitive. Assume ... (Read 54 times)

Deej

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Monopolistic Competition in the Long Run

The airline market is monopolistically competitive. Assume that each firm has a fixed daily cost of $5500 and a marginal cost of $275 per flight. Suppose that each firm can fly up to 30 flights per day. In the long run, the firm faces an inverse demand P= 700 - 40Q, which means its marginal revenue is MR = 700 -80Q.
How many total flights will be scheduled? What is the equilibrium price?
In the long run, how many firms will be in the market?
Please round your final answer to two decimal places.
◦ 11, $300.00, 0.18
◦ 5, $300.00, 318.75
◦ 5, $500.00, 0.18
◦ 11, $500.00, 318.75


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Marked as best answer by Deej on Nov 23, 2022

kaelamcrone

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Deej

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Reply 2 on: Nov 23, 2022
Excellent


LegendaryAnswers

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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