# Profit and Loss Assignment | Homework For You

Suppose that a monopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that output level, ATC per meal is \$10 and consumers are willing to pay \$12 per meal.

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a. What is the size of this firm’s profit or loss?  \$

c. Assume that the allocatively efficient output level in long-run equilibrium is 210 meals.  In long-run equilibrium, suppose that this restaurant charges \$11 per meal for 180 meals and that the marginal cost of the 180th meal is \$8.

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