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Given the following production information of a monopolistic firm:
Output level = 100 units
Average variable cost = $10/unit
Total fixed cost = $400
The firm is producing at the minimum point of its average cost curve.
a) At this output level, calculate the average cost and the marginal cost.
b) Draw a diagram showing the current situation of the firm.
c) In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
d) Suppose the price of the output is $16/unit instead, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
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