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 run.700650What is the profit-maximizing output of this600550monopolistically competitive firm? Round your answer to500the nearest whole number.450400Demandunits of output35011300250What is the maximum level of profits for this200monopolistically competitive firm? Round your answer to150the nearest whole number.Marginal revenue100500 1 2 3 4 5 6 7 8 9 1011 12 13 14 15 16 17 18 19 20350Units of output%24

A monopolistic competitive firm maximises its profits, he will produce at a price where Marginal…

Answered: Cost and revenue The graph presents the…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1.1P

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