Calculate Westchesser's profit or loss at the profit-maximizing price.profit or loss: $What will happen to the number of firms in this industry in the long run?Firms will enter this industry, increasing the price at which each firm can sell their gloves until firms begin to earnnormal profits.Firms will exit this industry, increasing the price at which each firm can sell their gloves until firms begin to earnnormal profits.Firms will enter this industry, decreasing the price at which each firm can sell their gloves until firms begin to earnnormal profits.O Firms will exit this industry, decreasing the price at which each firm can sell their gloves until firms begin to earnnormal profits. estion 5 оT 16Westchesser Gloves is a monopolistically competitive firm that sells leather gloves.Use the graph to highlight the area of profit or loss and answer the questions.10Average costProfit or lossMarginal cost8743Demand1Marginal revenue102030405060708090100Pairs of gloves (in thousands)Price per pair ($)

The profit is maximized where MC=MR At this pointP=6Q=40ATC=4Profit=(P-ATC)*Q=(6-4)*40=80 At the…

Answered: 10 Average cost Profit or loss Marginal…

10 Average cost Profit or loss Marginal cost 8 7 4 Demand 2 1 Marginal revenue 10 20 30 40 50 60 70 80 90 100 Pairs of gloves (in thousands) Price per pair ($) 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Calculate Westchesser's profit or loss at the profit-maximizing price.
profit or loss: $
What will happen to the number of firms in this industry in the long run?
Firms will enter this industry, increasing the price at which each firm can sell their gloves until firms begin to earn
normal profits.
Firms will exit this industry, increasing the price at which each firm can sell their gloves until firms begin to earn
normal profits.
Firms will enter this industry, decreasing the price at which each firm can sell their gloves until firms begin to earn
normal profits.
O Firms will exit this industry, decreasing the price at which each firm can sell their gloves until firms begin to earn
normal profits.

estion 5 оT 16
Westchesser Gloves is a monopolistically competitive firm that sells leather gloves.
Use the graph to highlight the area of profit or loss and answer the questions.
10
Average cost
Profit or loss
Marginal cost
8
7
4
3
Demand
1
Marginal revenue
10
20
30
40
50
60
70
80
90
100
Pairs of gloves (in thousands)
Price per pair ($)

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