Short-Run Profit maximization
I am attaching the problem. You can solve it in the same document.
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
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<br>Monopoly
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<br>1. Marginal Revenue (MR) = Marginal Cost(MC)
<br>2. Price (P) > Marginal Cost(MC)
<br>3. Positive Short-Run Profits.
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<br>Monopolistic Competition
<br>------------------------
<br>
<br>1. Marginal Revenue (MR) = Marginal Cost(MC)
<br>2. Price (P) > ...
Solution Summary
Short-Run Profit maximization is determined.