Professional Writers
We assemble our team by selectively choosing highly skilled writers, each boasting specialized knowledge in specific subject areas and a robust background in academic writing
Order For Similar Custom Papers & Assignment Help Services
Fill the order form details - writing instructions guides, and get your paper done.
Posted: July 13th, 2022
Monopolistically Competitive Market Assignment | Homework For You
Company ABC is a member of a monopolistically competitive market. Its total cost function is C = 900 + 60Q1 + 9Q1
2 . The demand curve for the firm’s differentiated product is given by P = 660 − 16Q1 .
a. What is the company’s profit-maximizing output, price, and profit?
b. New companies start to enter the market. A typical firm’s demand curve (say, Company ABC) is given by P = 1,224 − 16(Q2 + Q3 + … + Qn ) − 16Q1 , where n = the total number of firms. (If competitors’ outputs or numbers increase, firm 1’s demand curve shifts inward.) The long-run equilibrium under monopolistic competition is claimed to consist of 10 companies, each producing 6 units at a price of $264. Is this claim correct? (Hint: For the typical company, check the conditions MR = MC and P = AC.)
c. Based on the cost function given, what would be the outcome if the market were perfectly competitive? (Presume market demand is P = 1,224 − 16Q, where Q is total output.) Compare this outcome to the outcome in part (b). Economics Assignment: I need help writing a research paper.
Why choose us
You Want Quality and That’s What We Deliver
Discounted Prices
Our service is committed to delivering the finest writers at the most competitive rates, ensuring that affordability is balanced with uncompromising quality. Our pricing strategy is designed to be both fair and reasonable, standing out favorably against other writing services in the market.
AI & Plagiarism-Free
Rest assured, you'll never receive a product tainted by plagiarism or AI-generated content. Each paper is research-written by human writers, followed by a rigorous scanning process of the final draft before it's delivered to you, ensuring the content is entirely original and maintaining our unwavering commitment to providing plagiarism-free work.
How it works
When you decide to place an order with Nurscola, here is what happens: