Levels Tought:
Elementary,Middle School,High School,College,University,PHD
Teaching Since: | May 2017 |
Last Sign in: | 307 Weeks Ago, 3 Days Ago |
Questions Answered: | 66690 |
Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Mike’s, a firm in monopolistic competition, produces bikes. With no advertisingMike’s profit-maximizing output is 500 bikes a day and the price is $100 a bike. Now all firms begin to advertise. With advertising, Mike’s maximizes profit by producing 1,000 bikes a day and charging $50 a bike. How does advertising change Mike’s markup and excess capacity?
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