{"id":16715,"date":"2021-07-15T05:18:44","date_gmt":"2021-07-15T05:18:44","guid":{"rendered":"https:\/\/papersspot.com\/blog\/2021\/07\/15\/1-suppose-that-a-monopolistically-competitive-restaurant-is-currently-serving-230-meals-per-day-the-essay\/"},"modified":"2021-07-15T05:18:44","modified_gmt":"2021-07-15T05:18:44","slug":"1-suppose-that-a-monopolistically-competitive-restaurant-is-currently-serving-230-meals-per-day-the-essay","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2021\/07\/15\/1-suppose-that-a-monopolistically-competitive-restaurant-is-currently-serving-230-meals-per-day-the-essay\/","title":{"rendered":"1.Suppose that a monopolistically competitive restaurant is currently serving 230 meals per day (the Essay"},"content":{"rendered":"<p>1.Suppose that a monopolistically competitive restaurant is currently serving 230 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. <br \/>What is the size of this firm\u2019s profit or loss? Will there be entry or exit? <br \/>Will this restaurant\u2019s demand curve shift left or right? <br \/>In long\u2010run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $8.\u00a0What is the size of the firm\u2019s profit? <br \/>Suppose that the allocatively efficient output level in long-run equilibrium is 200 meals. Is the dead-weight loss for this firm greater than or less than $60? <br \/>Show your work and explain in detail. <br \/>2.\u00a0Answer all parts of the quests below and show your work for full credit. <br \/>What assumptions about a rival\u2019s response to price changes underlie the kinked-demand curve for oligopolists? <br \/>Why is there a gap in the oligopolist\u2019s marginal-revenue curve? <br \/>How does the kinked-demand curve explain price rigidity in oligopoly? <br \/>What are the shortcomings of the kinked-demand model?\u00a0\u00a0 <\/p>\n","protected":false},"excerpt":{"rendered":"<p>1.Suppose that a monopolistically competitive restaurant is currently serving 230 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. What is the size of this firm\u2019s profit or loss? Will there be entry or exit? Will this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[22],"class_list":["post-16715","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-economics"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/16715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=16715"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/16715\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=16715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=16715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=16715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}