Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Reflection paper/Reflection essay
27/08/2022
1) Questions 1 through 5 refer to the following scenario. Suppose three firms face the same total market demand for their product. This demand is:Price (P) Quantity (Q)$80 20,00070 25,00060 30,00050 35,000Suppose further that all three firms are selling their product for $60 and each has about one-third of the total market. What is the amount of total revenue each firm receives, in dollars?2) Now assume that one of the firms, in an attempt to gain market share at the expense of the others, drops its price to $50. The other two quickly follow suit. What is the amount of total revenue each firm now receives, in dollars, rounded to the nearest dollar?3) What impact has the price drop had on the revenue of each firm?Each firm has less revenue.Each firm has more revenue.The price-dropper has more revenue and the others have less.The price-dropper has less revenue and the others have more.4) If the firms had all raised their prices to $70 instead of lowering price, what would be the amount of total revenue each firm would have received, in dollars, rounded to the nearest dollar?5) Would the firms have been better off raising the price to $70, lowering to $50, or making no change?Raising to $70Lowering to $50Making no change (keeping price at $60)6)Questions 6 through 10 refer to the scenario that follows. A monopolistically competitive firm has the following short-run inverse demand, marginal revenue, and cost schedules for a particular product:P = $45 – $0.2QMR = $45 – $0.4QTC = $500 + $5QMC = $5What quantity would maximize profits for this firm? (Hint: Recall that profit maximizing is where MR = MC)7) At what price should this firm sell its product?8) What would be the amount of the firm’s total revenue at the quantity and price identified in the prior two questions? 9) What would be the amount of the firm’s profit (positive number) or loss (negative number) at the quantity and price identified in questions 6 and 7?10) What do you think would happen in this market in the long run?New firms would enter.Some existing firms would leave.Some existing firms would stay but no new firms would enter.There is not enough information to make this determination.
Show more
Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more