7.a. What is the market price of a smoothie? 7.b. What is the market quantity of smoothies? 7.c. How many smoothies does each firm sell? 7.d. What is the economic profit made or economic loss incurred by each firm? Output (smoothies per hour) 3 6769456 2 8 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Quantity demanded (smoothies per hour) 1,000 950 800 700 550 400 300 Average Average variable total cost cost (dollars per smoothie) 4.00 7.33 3.53 6.03 3.24 5.24 3.00 4.67 2.91 3.00 3.33 4.34 4.25 4.44

7.a. What is the market price of a smoothie? 7.b. What is the market quantity of smoothies? 7.c. How many smoothies does each firm sell? 7.d. What is the economic profit made or economic loss incurred by each firm? Output (smoothies per hour) 3 6769456 2 8 Price (dollars per smoothie) 1.90 2.00 2.20 2.91 4.25 5.25 5.50 Marginal cost (dollars per additional smoothie) 2.50 2.20 1.90 2.00 2.91 4.25 8.00 Quantity demanded (smoothies per hour) 1,000 950 800 700 550 400 300 Average Average variable total cost cost (dollars per smoothie) 4.00 7.33 3.53 6.03 3.24 5.24 3.00 4.67 2.91 3.00 3.33 4.34 4.25 4.44

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Monopoly

Section: Chapter Questions

Problem 3PA

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