Suppose a firm sells their product at price of $194, but that its' marginal cost to produce

Fantastic news! We've Found the answer you've been seeking!

Question:

Suppose a firm sells their product at price of $194, but that its' marginal cost to produce is $100. Calculate this firm's Lerner Index. Is this a competitive firm or a monopoly? Round your answers to the nearest hundredth.

Lerner Index =

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

See More Books

Posted Date: May 07, 2024 02:15 PM

See More Questions

Q Define the geodesic and find the geodesic for the metric [Inx2 0 0 9ab= 0 Inx 0 (2+13) 0 0 Inx
May I have a word" Alysha Stark popped her head in at the corner office of the Managing Director Mike O' Connor. It's early on a Monday morning. When Alysha, his star Director, starts something this...
Use the normal distribution and the given sample results to complete the test of the given hypotheses. Assume the results come from a random sample and use a 5% significance level. Test Ho: p=0.75 vs...
In 2006, Walmart was operating more than 6,500 stores with 1.8 million employees around the world. In the early 1990s, Walmart Stores Inc. expanded into Canada, with the purchase of 122 stores from...
Construct the probability distribution for the value of a 2 card hand dealt from a standard deck of 52 cards ( all face cards have a value of 10 and an ace has a value of 11). a. What is the...
The reaction SO2 1g2 + 2 H2S(g) 3 S(s) + 2 H2O (g) is the basis of a suggested method for removal of SO2 from power-plant stack gases. The standard free energy of each substance is given in Appendix...
Travis Corporation, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost $$140,000$ and have an estimated useful life of 5 years. It will be sold for...
Lovell Companys organization chart includes the president; the vice president of production; three assembly plantsDallas, Atlanta, and Tucson; and two departments within each plant Machining and...
Explain TEN (10) ways in which an Accounting Information System can add value to an organization.
EXPLAIN the process of a legal risk management plan and briefly describe the four main strategies in managing legal risk. Give practical examples for ANY two of the four legal risk strategies.
Sine Corp. stock sells for $$75.00$ and currently pays an annual dividend of $$2.50$ per share. Calculate analysts projected price one year from today if the expected one-year return is currently...
Which of the following is/are true about intuition? a. Its the same as guessing. b. Its the opposite of rationality. c. It evolves over time. d. All of these.
Find the real power and the power factor for a load whose impedance is 60 < 60 when connected to an AC source of 120 V and 60 Hz.
When there is no known information regarding the outcome of a decision, but enough information exists to estimate the probabilities of several outcomes, a ___________________ exists. a. condition of...
A non-programmed decision is appropriate when __________. a. a situation requires exceptional problem-solving skills b. the particular problem has frequently been encountered before c. decision rules...
Suppose that the foreign currency interest rate is higher than the domestic currency interest rate. What is the relationship between spot and forward exchange rates according to interest rate parity?
Controls can be identified based on their function. The functions are preventive, detective, and corrective. A. True B. False
'Cash and cash equivalents' includes: a Only cash balances b Only bank balances c Stock Exchange investments d Cash in hand plus bank current account balances
If 'Taxation' is shown on the cash flow statement, it is likely to be: a The taxation paid this year on the current year's profit b The taxation payable next year on this year's profit c The taxation...
A business plan is often prepared: a To comply with accounting standards b To show customers where the head office is situated c To set targets for the business d To be filed away in a drawer

Suppose a firm sells their product at price of $194, but that its' marginal cost to produce

Question:

Expert Answer:

Okay here are the steps to solve this The firm sells its product at a pric... View the full answer

Microeconomics An Intuitive Approach with Calculus

Students also viewed these economics questions