A monopolistically competitive firm face the following demand and cost structure

Question

A monopolistically competitive firm face the following demand and cost structure in the short run:
Ouput price FC VC TC TR Profit/loss
0 100 100 0 __ ___ _____
1 90 ___ 50 __ ___ _____
2 80 ___ 90 ___ ___ _____
3 70 ____ 150 ___ ___ ______
4 60 ____ 230 ___ ___ _____
5 50 ____ 330 ___ ___ ____
6 40 ____ 450 ___ ___ ____
7 30 ____ 590 ___ ___ ____
Complete the table.
What is the highest profir or lowest loss available to this firm?
Should this firm operate or shut down in the short run? Why?
What is the relationship between marginal revenue and marginal cost as the firm increases output?

Explanation / Answer

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