Short-Run Profit maximization

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1. What are the 3 condition for Short Run profit maximization in Monopoly?

2. What are the 3 condition for Short Run profit maximization in Monopolistic
competition?

3. What are the 3 condition for Short Run profit maximization in oilgopoly?

4. Illustrate a monopolistically firm in long run equilibrium

(you can draw the curves using drawing tools)

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Short-Run Profit maximization
 -------------------
 
 Monopoly
 --------
 
 1. Marginal Revenue (MR) = Marginal Cost(MC)
 2. Price (P) > Marginal Cost(MC)
 3. Positive Short-Run Profits.
 
 Monopolistic Competition
 ------------------------
 
 1. Marginal Revenue (MR) = Marginal Cost(MC)
 2. Price (P) > ...

Solution Summary

Short-Run Profit maximization is determined.

$2.49