The Market Structure of the Local Pizza Industry Is Best $\iff$

question 50

Essay

The market structure of the local pizza industry is best characterized by monopolistic competition. One Guy's Pizza is one of the producers in the local market. The demand for One Guy's Pizza is:
Q^d = 225 - 10P $\iff$ P = 22.5 - 0.1 Q^d.
The resulting marginal revenue curve is
MR(Q^d) = 22.5 - 0.2 Q^d.
One Guy's cost function is:
C(Q) = 0.15Q² $\implies$ MC(Q) = 0.3Q.
Determine One Guy's profit maximizing level of output and the price charged to customers. Is this a long-run equilibrium?

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Definitions:

Gallbladder

A small organ located beneath the liver that stores and concentrates bile, a digestive enzyme produced by the liver.

Liver

A large, complex organ that secretes bile, helps maintain homeostasis by removing or adding nutrients to the blood, and performs many other metabolic functions.

Bile

A digestive fluid produced by the liver, stored in the gallbladder, and released into the small intestine, important for the digestion and absorption of lipids.

Enzymatically

Pertaining to the process or action facilitated by enzymes, which are proteins that catalyze biochemical reactions.