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ECON-1010-D1/D2-Introduction to Microeconomics
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Use the figure below to answer the following questions.
Figure 13.2.5
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Figure 13.2.4
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The four-firm concentration ratio in an industry is 75 percent.Total sales in the industry are $800 million and total economic profit in the industry is $500 million. Normal profit for each firm is zero.From this information we know that
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Use the information below to answer the following question.Fact 13.3.1Suppose that at one of the Talbots shops, marginal cost of a coat is constant at $150, and total fixed cost is $3,000 a day. The shop maximizes its profit by selling 15 coats a day at $500 per coat. Then the shops nearby increase their advertising. The Talbots shop responds by spending $1,500 a day more on advertising its coats. As a result, its profit-maximizing number of coats sold increases to 25 a day at $400 per coat.Refer to Fact 13.3.1. As a result of increased advertising, Talbots' markup
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Use the table below to answer the following question.
Refer to Table 13.2.1. Sara is a dot.com entrepreneur who sells sweatshirts. She pays $1,000 a week for her Web server and Internet connection. She pays the firm that makes the sweatshirts $20 a sweatshirt. Sara has no other costs. The table sets out the demand schedule for Sara's sweatshirts. Other firms ________ enter the Web sweatshirt business and compete with Sara. In the long run, the demand for Sara's sweatshirts ________ and her economic profit ________.
Table 13.2.1
| Price(dollars per sweatshirt) | Quantity demanded(sweatshirts per week) |
| 0 | 100 |
| 20 | 80 |
| 40 | 60 |
| 60 | 40 |
| 80 | 20 |
| 100 | 0 |
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Figure 13.2.6
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Figure 13.2.3
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Figure 13.2.2
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Figure 13.2.4
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Use the figure below to answer the following questions.
Figure 13.2.1
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