Question 1 D. Assume that the cellular telephone industry is monopolistically competitive
a. Assume that cellular telephone manufacturers are earning short-run economic profits. Draw a correctly labeled graph for a typical firm in the industry and show each of the
following
1. The profit-maximizing output and price
Submi
it. The area representing economic profit
b. At the profit maximizing price you identified in part (a), would the typical firm's demand curve be price inelastic? Explain.
c. Given the information in part (a), what happens to the demand curve for the typical firm in the long run? Explain.
d. Using a new correctly labeled graph, show the profit-maximizing output and price for the typical firm in the long run.
e. Does the typical form produce an output level that minimizes its average total cost in the long run?
f. In long-run equilibrium, does the typical firm produce the allocatively efficient level of output? Explain.

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

bradford, inc., expects to sell 9,000 ceramic vases for $21 each. direct materials costs are $3, direct manufacturing labor is $12, and manufacturing overhead is $3 per vase. the following inventory levels apply to 2019: beginning inventory ending inventory direct materials 3,000 units 3,000 units work-in-process inventory 0 units 0 units finished goods inventory 300 units 500 units what are the 2019 budgeted production costs for direct materials, direct manufacturing labor, and manufacturing overhead, respectively?

When patey pontoons issued 4% bonds on january 1, 2018, with a face amount of $660,000, the market yield for bonds of similar risk and maturity was 5%. the bonds mature december 31, 2021 (4 years). interest is paid semiannually on june 30 and december 31?