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Economics

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  • Monopolistic Competition Problem Set

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    Monopolistic Competition Problem Set[1]

     

     

    Use the following information to answer questions 1 through 5:

     

    The graph below shows the demand curve and cost data for a firm operating in a monopolistic competition.

     

     

     

    1. Curve 2 shows:

  • Marginal Revenue
  • Marginal Costs
  • Demand Curve
  •  

     

     

    2. Curve 3 shows:

  • Marginal Revenue
  • Marginal Costs
  • Demand Curve
  •  

     

    3. Curve 1 shows:

  • Marginal Revenue
  • Marginal Costs
  • Demand Curve
  •  

     

    4. The profit maximizing quantity for this firm is:

  • 10
  • 15
  • 5
  • 30
  •  

     

    5. What price will this firm set in order to maximize profits (or minimize losses)?

  • 30
  • 35
  • 25
  • 10
  •  

    10. What is the dominant strategy for player A?

  • Remain silent.
  • There is no dominant strategy.
  • Confess.
  •  

    11. What is the dominant strategy for player B?

  • Remain silent.
  • There is no dominant strategy.
  • Confess.
  •  

    12. What is the Nash Equilibrium (in pure strategy)?

  • 25, 25
  • 40, 5
  • 10, 10
  • 5, 40
  • There is no Nash equilibrium.
  •  

     

    [1] This assignment by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License. You can access an alternative means to plotting points at https://www.desmos.com/calculator.

     

     

     

     

     

    6. The table below shows data for the production of Avocados for an individual firm in a monopolistic competition.

    Quantity of Avocados

    Price

    Total Costs

    MR

    100

    550

    48500

     

    200

    500

    93500

     

    300

    450

    143500

     

    400

    400

    198500

     

    500

    350

    258500

     

    600

    300

    323500

     

     

     

    Given this data, complete the table:

    Quantity of Avocados

    Total Revenue (TR)

    Profit

    Marginal Revenue (MR)

    Marginal Costs (MC)

    100

     

     

    -

    -

    200

     

     

     

     

    300

     

     

     

     

    400

     

     

     

     

    500

     

     

     

     

    600

     

     

     

     

     

     

     

     

    Use the following information to answer questions 7 through 9:

    The table below shows data for the production of Avocados for an individual firm operating in a monopolistic competition.

    Quantity of Avocados

    Price

    Total Costs

    100

    550

    48500

    200

    500

    93500

    300

    450

    143500

    400

    400

    198500

    500

    350

    258500

    600

    300

    323500

     

     

    7. At what quantity are marginal revenues equal to marginal costs?

     

     

    8.  What is the profit maximizing quantity?

    NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

     

     

    9. What is the profit maximizing price?

    NOTE: If there are two quantities with the same level of profits, pick the larger of the two quantities!

     

     

     

    Use the following information to answer questions 10 through 12:

    Consider the following prisoner's dilemma with the payoff matrix (Numbers represents years in prison):

     

     

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