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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 = $17
iii. AR = iv. Price =
v. Total Revenue = $160
vi. Total Cost =
vii. Profit = B.
For the perfectly competitive firm:
ii. ATC =
iii. AR =
iv. Price =
v. Total Revenue =
vii. Profit = C.
Discuss the differences you observe in your answers above between the monopoly and perfectly competitive firm. x-axis 0 8 18 21 30 price and cost per unit y-axis 0 20 33 35 40 quanity.
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