i need in words no handwritten Question 210.009.00MC8.00ATC7.006.005.004.00言 3.008 2.001.00MR.1020304050Quantity (hamburgers per hour)a)Ron's Hamburger Joint is the only restaurant in town. The above figure representsRon's cost, demand, and marginal revenue curves. Ron operates as a single-pricemonopoly.i)i1)How many hamburgers does Ron produce?What price does Ron charge for a hamburger?What is Ron's economic profit?111b)Draw the MC and ATC curve. Describe THREE (3) relationships between theMC and ATC curve.c)Draw A perfectly competitive firm that earns profits.Price and cost (dollars per hamburger)

a) i) Since Ron has the only restaurant in town, he is acting as a monopolist. Being a monopolist,…

10.00 9.00 MC 8.00 ATC 7.00 6.00 5.00 4.00 3.00 8 2.00 1.00 MR 10 20 30 40 50 Quantity (hamburgers per hour) a) Ron's Hamburger Joint is the only restaurant in town. The above figure represents Ron's cost, demand, and marginal revenue curves. Ron operates as a single-price monopoly. i) ii) iii) How many hamburgers does Ron produce? What price does Ron charge for a hamburger? What is Ron's economic profit? b) Draw the MC and ATC curve. Describe THREE (3) relationships between the MC and ATC curve. c) Draw A perfectly competitive firm that earns profits. Price and cost (dollars per hamburger)

10.00 9.00 MC 8.00 ATC 7.00 6.00 5.00 4.00 3.00 8 2.00 1.00 MR 10 20 30 40 50 Quantity (hamburgers per hour) a) Ron's Hamburger Joint is the only restaurant in town. The above figure represents Ron's cost, demand, and marginal revenue curves. Ron operates as a single-price monopoly. i) ii) iii) How many hamburgers does Ron produce? What price does Ron charge for a hamburger? What is Ron's economic profit? b) Draw the MC and ATC curve. Describe THREE (3) relationships between the MC and ATC curve. c) Draw A perfectly competitive firm that earns profits. Price and cost (dollars per hamburger)

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter24: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 13CQ

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