Business, 29.04.2021 22:30 rodriguezg16

Suppose that a monopolistically competitive restaurant is currently serving 280 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $12 per meal. Instructions: Enter your answers as a whole number. a. What is this firm’s profit or loss? $ b. Will there be entry or exit? (Click to select) Will this restaurant’s demand curve shift left or right? (Click to select) In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $8. Suppose that the allocatively efficient output level in long-run equilibrium is 220 meals. c. What is the size of the firm’s economic profit? $ d. Is the deadweight loss for this firm greater than or less than $120? (Click to select)

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Suppose that a monopolistically competitive restaurant is currently serving 280 meals per day (the o...

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