Monopoly vs perfect competition

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Economics

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ES2550: Week 8 Monopoly Versus Perfect Competition Consider the following graph: Based 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 = Page 1 ES2550: Week 8 Monopoly Versus Perfect Competition 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 Page 2
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