The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
You will draw the graph of a firm operating in a monopolistic competitive market structure. ** Be very careful when drawing your ATC curve Ã¢â‚¬â€œ especially the long-run **
In the sort-run,
– The firmÃ¢â‚¬â„¢s profit maximizing quantity is 1000 units.
– When Q = 1000, Price = $10.00, ATC = $6.00 and MC = $4.00.
– Is the firm generating an economic profit/loss? __________ How much? __________
Because the firm is generating economic profits/losses in the short-run, the firmÃ¢â‚¬â„¢s demand and marginal revenue curves will shift.
In the long-run,
The firmÃ¢â‚¬â„¢s new profit maximizing quantity and price are 800 units and $8.00.
In the same graph, draw the new demand and marginal revenue curves
In the long-run, is the firm generating an economic profit/loss? __________ Why? ___________
In the long-run, is the firm producing the efficient social quantity? __________ Why? __________
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