pmap1 - Additional Problem 1: Pure Monopoly Using the...

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Additional Problem 1: Pure Monopoly Using the following information, complete the table below. Q TC MC P MR AR TR Total Profit 0 $10 $10 16 9 24 8 35 7 47 6 51 0 5 61 4 4 71 9 3 82 5 2 93 2 1 a) Determine the price and output selection for this imperfectly competitive firm. Is this a short-run or long-run equilibrium? Why? b) Utilizing the TR and TC approach to graphically illustrate the equilibrium results for this firm. c) Calculate the ATC and AVC for this firm.
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