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1) Show graphically the demand curve for a perfectly competitive firm. Draw the marginal cost, average total cost and average variable cost curves for a

1) Show graphically the demand curve for a perfectly competitive firm. Draw the marginal cost, average total cost and average variable cost curves for a firm that is earning zero economic profits. Identify the point of profit maximization.

2) Show graphically the demand curve for a monopoly. Draw the marginal cost, average total cost and average variable cost curves for a monopolist that is earning positive economic profits. Identify the point of profit maximization.

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