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Please help with the following problems. Provide step by step calculations.

Hypothetical monopoly firm is characterized by the following diagram.

(See attached file for diagram)

a. Assuming that the above firm is a profit maximizer operating in the short run, determine its optimal output? This occurs where MR=MC and that is ______?
b. Determine the firm's Total Revenue?
c. What is the Total Cost?
d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its price and output

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Solution Summary

This solution involves problems involving a hypothetical monopoly firm. It answers a a number of questions regarding optimal output, total revenue, total cost, and price/output. Step by step calculations are provided in the solution.

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Please see the following solutions.

(a) Assuming that the above firm is a profit maximizer operating in the short run, determine its optimal output? This occurs where MR=MC and that is ______?

The profit maximizing condition is given by MR = MC. In ...

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