question archive The following table shows the cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run
The following table shows the cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run
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The following table shows the cost data and demand schedule for a typical firm producing board games in a monopolistically competitive market in the short run.
Fill in the values in the Total Revenue, Marginal Revenue, Marginal Cost, and Average Total Cost columns in the following table and then answer the questions that follow.
| Quantity (Board games) | Price (Dollars per game) | Total Cost (Dollars per day) | Total Revenue (Dollars per day) | Marginal Revenue (Dollars) | Marginal Cost (Dollars) | Average Total Cost (Dollars) |
|---|---|---|---|---|---|---|
| 1 | $10 | $17 | ||||
| 2 | $9 | $20 | ||||
| 3 | $8 | $27 | ||||
| 4 | $6 | $32 | ||||
| 5 | $4 | $35 | ||||
| 6 | $3 | $48 | ||||
| 7 | $2 | $56 | ||||
| 8 | $1 | $64 |
1. Under monopolistic competition, how many board games that a typical firm will produce, and how much is the price per board game in the short run?
2. According to the typical firm's Total Revenue, Marginal Revenue, and Marginal Cost, what and how will the firm be?
3. According to the typical firm's Average Total Cost, how is the level of excess capacity in this monopolistically competitive market?
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