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4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?

4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Monopolistic Competition
Section: Chapter Questions
Problem 4QCMC
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4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?
Transcribed Image Text:4. Consider the short-run cost and demand data for a monopolistic competitor given in the table below. Compute the missing data. Output Total cost Marginal cost Quantity demanded Price Marginal revenue 0 $750 $180 1 120 $1165 $ 2135 2150 3 165_ 3135 4210 41205 270. 5 105 6 3456 90. 74 a) At what output level and at what price will the firm produce in the short run? What will be the total profit? (b) What will happen to demand, price, and profit in the long run?
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