Consider the following graph: Need formulas and calculations with this <?xml:nam

ID: 1238455 • Letter: C

Question

Consider the following graph: Need formulas and calculations with this <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm.

A. For the monopolist:

i. Profit maximizing output

ii. ATC =

iii. AR =

iv. Price

v. Total Revenue =

vi. Total Cost =

vii. Profit =

GE273: Week 8 Monopoly versus Perfect Competition

Page 2

<?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /?>

B. For the perfectly competitive firm:

i. Profit maximizing output =

ii. ATC =

iii. AR =

iv. Price =

v. Total Revenue =

vi. Total Cost =

following graph ???

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