– This is a Micro-economics project regarding marginal costs and marginal revenue
– Make an opening slide including the title (you can create the title).
– Please answer the three questions below. Create a slide for each question.
1. What are the types of firms that exemplify monopolistic competition? Giveverifiable examples
2. In theory, the representative firm in monopolistic competition earns only normal profit. Why might that outcome not always occur in the real world of small firms?
3. Assume that the short-run cost and demand data in the table below confront a monopolistic competitor selling a given product and engaging in a given amount of product promotion.
– I attached a photo of the table that has to be filled out. Basically, you have to complete the marginal cost and marginal revenue of each output unit and enter these figures in the table. Hence, please create one slide specifically for the table.
i. complete the marginal cost and marginal revenue of each output unit and enter these figures in the table.
ii. At what output level and at what price will the firm produce in the short run? (create a slide for this specific question regarding the table).
– Presentation should be made on Microsoft PowerPoint slides
– Answers must be concise and illustrative with vivid examples and diagrams.
