Solved: Profit maximizer operating in the short run, Microeconomics

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Profit maximizer operating in the short run

Please assist with the given problems. Provide step by step computations.

Task: Hypothetical monopoly firm is characterized by the given diagram.

(See below diagram)

2131_Hypothetical monopoly firm.jpg

Q1. Assuming that the above firm is a profit maximizer operating in the short run, determine its optimal output? This occurs where MR=MC and that is ______?

Q2. Determine the firm's Total Revenue?

Q3. What is the Total Cost?

Q4. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its price and output.

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Microeconomics: Profit maximizer operating in the short run

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Profit maximizer operating in the short run

Reference No:- TGS01748642

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Profit maximizer operating in the short run

Reference No:- TGS01748642

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