AP Microeconomics

Question 3 (Essay Worth 5 points) [CZ] (04.02, 06.01 MC) The graph below depicts a firm with market power. In the graph, MC represents the firm's marginal costs, ATC represents the average total costs, D represents demand, and MR represents marginal revenue. ATC Price (5) I 1"- I no 95 Quantity/Units a. At 50 units of output, how much would this profit-maximizing monopolist charge? b. How many units will it produce to maximize total profit? c. What would be the socially optimal output price as set by market demand? d. Calculate the firm's total revenue at the profit-maximizing price and output. e. If government regulation required that this firm produce 60 units, would it still earn profit? Explain