Reference no: EM13201474

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:

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. x-axis 0 8 18 21 30 price and cost per unit y-axis 0 20 33 35 40 quanity.