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What quantity will be produced? What price will be charged? What is Tony's total cost? What is Tony's total revenue? What is Tony's economic profit

  1. What quantity will be produced?
  2. What price will be charged?
  3. What is Tony's total cost?
  4. What is Tony's total revenue?
  5. What is Tony's economic profit or loss?
  6. Is this a long-run equilibrium? Why or why not?

image text in transcribed
Price and cost (dollars per pizza) 20.00 MC 16.00 ATC Tone's PIZZA 12.00 Italian Restaurant Since 1966 8.00 ITALIA 4.00 MR D 0 20 40 60 80 100 Quantity (pizzas per day) The above figure represents Tony's Pizza Parlor, a firm in monopolistic competition

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