imber 51: A monopolistic firm's demand, MR, MC and ATC curves 1. How much output will this firm produce and what price will it charge if it wants to: maximize its total revenues? - maximize its profits? Multiple Choices for both: A. Q1 and P1 8. Q2 and P2 C. Q3 and P3 Quantity 2. How much output will this firm produce and what price will it charge if it is mandated by the government to produce at the socially desirable or efficient output level? Q1 and P1 Q2 and P2 Q3 and P3 Choices: 3. How much is the DWL that arises when this firm produces the profit maximizing output level? O 1/2(P1-P2) (01-02) 1/2(P1-P3)(Q1-Q3) Choices: 1/2(P1-P3)(01-02)

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