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Cost and revenueThe graph presents the short-run costs and revenue for amonopolistically competitive firm. Use this information to$800Marginal costAverage total costdetermine the profit-maximizing output and profit for this750firm in the short run700650What is the profit-maximizing output of this600550monopolistically competitive firm? Round your answer to500the nearest whole number450400Demand350units of output300250What is the maximum level of profits for this200monopolistically competitive firm? Round your answer to150the nearest whole numberMarginal revenue100500 1 2 3 4 5 6 7 8 9 1011 12 13 14 1516 17 18 19 20Units of outputA

Question
Cost and revenue
The graph presents the short-run costs and revenue for a
monopolistically competitive firm. Use this information to
$800
Marginal cost
Average total cost
determine the profit-maximizing output and profit for this
750
firm in the short run
700
650
What is the profit-maximizing output of this
600
550
monopolistically competitive firm? Round your answer to
500
the nearest whole number
450
400
Demand
350
units of output
300
250
What is the maximum level of profits for this
200
monopolistically competitive firm? Round your answer to
150
the nearest whole number
Marginal revenue
100
50
0 1 2 3 4 5 6 7 8 9 1011 12 13 14 1516 17 18 19 20
Units of output
A
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Cost and revenue The graph presents the short-run costs and revenue for a monopolistically competitive firm. Use this information to $800 Marginal cost Average total cost determine the profit-maximizing output and profit for this 750 firm in the short run 700 650 What is the profit-maximizing output of this 600 550 monopolistically competitive firm? Round your answer to 500 the nearest whole number 450 400 Demand 350 units of output 300 250 What is the maximum level of profits for this 200 monopolistically competitive firm? Round your answer to 150 the nearest whole number Marginal revenue 100 50 0 1 2 3 4 5 6 7 8 9 1011 12 13 14 1516 17 18 19 20 Units of output A

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Step 1

Monopolistically competitive market: Monopolistic market refers to the market structure in which there are many firms which sell closely related but differentiated commodities.

Step 2

1.The profit-maximizing condition of a monopolistically competitive market exists where its marginal cost is equal to its mar...

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