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The following table summarizes the weekly sales and cost situation confronting a monopolist: Price Quantity Demanded Total Revenue Marginal Revenue Total cost Marginal Cost Average
The following table summarizes the weekly sales and cost situation confronting a monopolist: Price Quantity Demanded Total Revenue Marginal Revenue Total cost Marginal Cost Average Total Cost $ $a Complete the table. b Graph the demand, MR and MC curves on the following graph. c At what rate of output are profits maximized? d What are the values of MR and MC at the profitmaximizing rate of output? e What price will the firm charge? f What are total profits at that output rate? g If a competitive industry confronted the same demand and costs, how much output would it produce and what price would it charge in the short run?
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