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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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