markets Scenario Suppose there is monopolistic competition in the market for winter coats. There are

markets Scenario Suppose there is monopolistic competition in the market for winter coats. There are 10 min the market. The marginal revenue of each firm is MR-20 and the marginal cost of each firm is: MC-212 The market demand curve for winter coats is: Q-80-0.5P. –TEED THIS 2. Refer to Scenario 1: What is the total amount of coats produced by all monopolistically competitive firms and the price faced by consumers? a) 40 and 40 b) 80 and 40 c) 40 and 80 d) None of the above is correct. Figure 1: Supply and Demand 15 Price $ Quantity (gallons) 3. Refer to Figure 1: Supply and Demand: In order to raise revenue, the government impo gallon tax on consumers. By how much does total surplus change from before to after the there is no negative externality to soda consumption (use the closest integers)? a) $2 b) $1 c) $13 d) $12

 

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