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

Author Question: The table below shows the demand and cost data facing Velvet Touches, a monopolistically competitive ... (Read 584 times)

magmichele12

  • Hero Member
  • *****
  • Posts: 559
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

momo1250

  • Sr. Member
  • ****
  • Posts: 338
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.
Answer Preview
Only 29% of students answer this correctly


Rayner Gray

  • Newbie
  • *
  • Posts: 1
Reply #2 on: Apr 18, 2020
Thank you


Clement Sim

  • Newbie
  • *
  • Posts: 1
Reply #3 on: Apr 22, 2020
Thank you


violetflower

  • Newbie
  • *
  • Posts: 1
Reply #4 on: Apr 23, 2020
Thank You


Brooke Bernard

  • Newbie
  • *
  • Posts: 1
Reply #5 on: Dec 8, 2021
thank you


« previous next »
 

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Effects of Estradiol and Testosterone on Interfemale Aggression in Rats (Based on data from van de P Effects of Estradiol and Testosterone on Interfemale Aggression in Rats (Based on data from van de P
This battery shows a large “1000” on the front panel but this is the CA rating and not the ... This battery shows a large “1000” on the front panel but this is the CA rating and not the ...
Design Data for Various Packings Design Data for Various Packings
A. Open portable massage table on its side. B. Straighten out legs completely and check that leg ... A. Open portable massage table on its side. B. Straighten out legs completely and check that leg ...
Perform horizontal stroking of the thigh by facing the table and placing hands on the thigh with ... Perform horizontal stroking of the thigh by facing the table and placing hands on the thigh with ...
Sturtevant’s Recombination Data for Five X-Linked Genes in Drosophila Sturtevant’s Recombination Data for Five X-Linked Genes in Drosophila
Video: Depolarization of the SA node, Action potentials of the myocardium & ANS effects

For a complete list of videos, visit our video library