ES2550: Week 8 Monopoly Versus Perfect Competition
Skeeter10Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm.
A. For the monopolist:
I. Profit maximizing output =
II. ATC =
III. AR =
IV. Price =
V. Total Revenue =
VI. Total Cost =
VII. Profit =
B. For the perfectly competitive firm:
I. Profit maximizing output =
II. ATC =
III. AR =
IV. Price =
V. Total Revenue =
VI. Total Cost =
VII. Profit =
C. Discuss the differences you observe in your answers above between the monopoly and perfectly competitive firm.
Submission Requirements: Formulas and calculations must be shown along with the final correct answer.
Attach a Word document that contains all answers.
Format: Double line space, Times New Roman, 12-point font
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