EVALUATING FIRM BEHAVIOR AND INDUSTRY PERFORMANCE WITH IMPERFECT COMPETITION

need a graph of the following

• Assume Acme Corporation is a typical monopoly:
  • Construct a graph illustrating Acme's average and marginal cost curves and the demand curve facing it. Identify profit maximizing output and price, total revenues, total costs, and total profits.
  • Assume the economy moves into a recession and the demand for Acme's product falls. On the same graph, show the effect of the recession on equilibrium price, output, and profits.