a.Calculate MC and ATC for all the levels of output.Graph the demand curve, MR curve (stop where MR=0), the MC curve, and the ATC curve.

b.Label "A" the profit maximizing price/output combination for the monopolist.

What is the quantity sold by the monopolist and at what price?

Monopoly Quantity____________

Monopoly Price_____________

c.Label "B" the price/output combination for a competitive firm. What is the quantity sold in perfect competition and at what price?

Perfect Competition Quantity______________

Perfect Competition Price________

d.Identify the area that represents "the deadweight loss" to society arising from an unregulated monopolist.

e.Identify the area of reduction in consumer surplus in monopoly compared to perfect competition

f.At the profit maximizing level of output for the monopolist calculate:

Total revenue=

Total cost=

Total profit or loss=

g.Suppose you are producing 2 unit of output at a price of 7. Suppose you lower the price to 6 and sell 3 units. Calculate the marginal revenue by assigning a value to each of the following:

Price effect=

Output effect=

Marginal revenue=

age Calculate MC and ATC for all the levels of output. Graph the demand curve, MR cur (stop where MR=0), the MC curve, and the ATC curve. b. Label "A" the profit maximizing price/output combination for the monopolist What is the quantity sold by the monopolist and at what price? Monopoly Quantity Monopoly Price C. Label "B" the price/output combination for a competitive firm, What is the quantity in perfect competition and at what price