Market Structures assuming Katrinas Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short run cost functions
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"Market Structures" Please respond to the following:
-
- From the scenario, assuming Katrina's Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC 20Q Q2 with MC20 and FC 5,000
P and MR
*Where price is in and Q is in kilograms. All answers should be rounded to the nearest whole number.
o Algebraically, determine what price Katrina's Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.
The profit maximization point is there where,
MR MC
So here,
MR MC
20
()Q 50-20
30
Q ...
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Published On:
08/04/2014
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