monopolistically competitive market

Jun 17th, 2015
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Howard Payne University
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Since R2 is considerable high, the model explains the demand quite well. The advertisement elasticity calculated is 0.73 which means that advertisement plays an important role in determining the demand.

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"Maximizing Revenue" Please respond to the following:* From the scenario, assuming Katrinas Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000P = 50-0.01Q and MR = 50-0.02Q*Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.Algebraically, determine what price Katrinas Candies should charge if the company wants to maximize revenue in the short run. Determine the quantity that would

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