Assume that short-run cost and demand data-marginal revenue

Assignment Help Business Economics
Reference no: EM13831086

Assume that the short-run cost and demand data given in the table above confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Refer to the above table and information. If the firm sells 3 units of output, marginal revenue will be:

A. -$5

B. $35

C. $135

D. $165

Reference no: EM13831086

Questions Cloud

The more progressive the tax system : The so-called "recognition lag" associated with fiscal policy is a result of how slowly the U.S. Congress moves. The Social Security program is a retirement system where payments to retirees come from their previous contributions. The more progressiv..
Calculate utility of person having cognitive-social problems : Consider a health utility questionnaire with only 3 domains (physical role, social role, and cognitive health), each of which has two levels (no problem and some problems).  Calculate the utility of a person having some cognitive problems and some so..
Explain the pros and cons of the self correcting economy : Rather than the short run effects of decreasing government spending, allow a self correcting economy to bring the model back to equilibrium, the government decides to act to eliminate the output gap through monetary policy. Explain how the government..
Firm that has the long-run cost curves : A firm that has the long-run cost curves shown in the graph above would be able to do or have the following, except:
Assume that short-run cost and demand data-marginal revenue : Assume that the short-run cost and demand data given in the table above confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Refer to the above table and information. If the firm sells 3 units..
Maximize profits the firm will set a price : Refer to the above graph of D and MR for a monopolist. We know that to maximize profits the firm will set a price:
Payoff matrix above for a duopoly-international strategy : Answer this question based on the payoff matrix above for a duopoly in which the numbers indicate the profit from following either an international strategy or a national strategy. Refer to the above table. If firm A chooses an international strategy..
Effects of decreasing government spending : Using an aggregate supply/aggregate demand model chart the short run effects of decreasing government spending (assuming you began in a short run and long run equilibrium)
What are the most difficult aspects of the coase theorem : Explain why physician groups and health service workers’ unions prefer stricter licensure requirements rather than cost control efforts from legislators. What are the most difficult aspects of the Coase Theorem in solving a problem like spread of a d..

Reviews

Write a Review

Business Economics Questions & Answers

  When the market supply curve shifts inward-consumer surplus

Everything else equal, when the market supply curve shifts inward, consumer surplus. Everything else equal, given an upward sloping supply curve, if the market demand curve were to shift outward, producer surplus

  Comparative advantage is one of the few ideas

Nobel laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the cases below, who has the absolute advanta..

  Autocorrelation exists when successive observations over tim

True/False questions: The Durbin-Watson (DW) statistic is used to detect first order-serial correlation. Positive lag 1 residual autocorrelation is associated with DW values greater than 2. Autocorrelation exists when successive observations over tim..

  Hebron and stack discuss the fragmentation of nations - the

hebron and stack discuss the fragmentation of nations - the rise of smaller units within a nation. while this is

  Consider agricultural subsidy provided by us government

Consider an agricultural subsidy provided by the US government. Consider also that milk is one of the products subsidized. If there is NO trade with the rest of the world, the domestic price of milk in the US would be $2 per gallon and the equilibriu..

  Social responsibility with responsive regulatory environment

We live in an environment characterized by increasing complexity in the legal and regulatory environment as efforts are made to marry concerns about social responsibility with a responsive regulatory environment.

  Explain why quality became the most important issue facing

Explain why quality became the most important issue facing American business in the 1980s. In addition to economic competition from Japan, what other factors may have contributed to the importance that quality has assumed?

  In a market where government has set the maximum price

In a market where government has set the maximum price below the equilibrium price, one might expect:

  Basil robekins has an idea

Basil Robekins has an idea for a new type of ice cream cone made from candy bars (like Butterfinger, etc.). He thinks his normal customers will buy more often because they can pick and choose from over 31 different candy bars and won't get bored with..

  Illustrate what is ricardian equivalence

Illustrate what is Ricardian equivalence. Mention and explain three reasons why Ricardian equivalence might not correctly describe an economy.

  Marginal revenue-marginal cost and average total cost curves

Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is identical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently th..

  Different market structures

Among different market structures, which one do you believe provides the highest possible return for a new company as well as why.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd