10:25 MICROECONOMICS - CHAPTER 15 H... CHAPTER 15 HOMEWORK SCORE: 10 POINTS NAME: DATE: 1. Compare and contrast perfectly competitive market and Monopolistically competitive market. 2. Compare and contrast monopoly and Monopolistic competition. 3. How do Monopolistic firms differentiate products and services? (2 points) 4. Refer to the information provided in Figure below to answer the question(s) that follow. (4 points) Demand and cost conditions for We Do Hair $A MC 32 ATC 28 24 20 MR 40 46 50 60 Number of perms a) Identify the profit-maximizing number of perms for the monopolistic firm We Do Hair and calculate the total revenue, total cost and profit. b) What is the optimum level of output from the society's view point for this firm? (Hint: Equilibrium quantity and price is at the point where Demand intersects the supply) 5. List the pros and cons of advertising a product or service. (2 points) 8 000 O= 0= Dashboard Calendar To Do Notifications Inbox