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 103 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

Perkypinki

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Human neurons are so small that they require a microscope in order to be seen. However, some neurons can be up to 3 feet long, such as those that extend from the spinal cord to the toes.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

(A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du (A) Figure illustrating the location and appearance of a peptic ulcer in both the stomach and the du
Rule of Nines. A method for determining percentage of body burned. Each different colored section re Rule of Nines. A method for determining percentage of body burned. Each different colored section re
This advertisement from about 1885 represents an early stage of capitalism when individuals were ... This advertisement from about 1885 represents an early stage of capitalism when individuals were ...
Mobilize the joints in the hand. Follow with figure-8s at the knuckles and scissoring the ... Mobilize the joints in the hand. Follow with figure-8s at the knuckles and scissoring the ...
How to determine if a table of values represents a linear or quadratic relationship How to determine if a table of values represents a linear or quadratic relationship
Identify the junction nodes in the circuit shown in Figure 21-1. Identify the junction nodes in the circuit shown in Figure 21-1.
Video: Types of Transport - Uniport, Antiport and Symport (Glucose and Na+K+ Transporters)

For a complete list of videos, visit our video library