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Please see attached for graph and help determine the following questions:

1. What would be the total cost?
2. What would be the total revenue?
3. What would be the total profits?
4. Looking at the graph, if the monopolistic firm were to behave like a perfectly competitive firm (operating in the long run), what would the output be?

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Solution Summary

Provides help interpreting the graph to answer each of the questions.

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1. What would be the total cost?

Total cost is ATC*Q. So, a firm that is a monopoly (and in this case it is the graph of a monopoly because MR is declining, which means that the firm has influence over the price) will produce where MR = MC. This is at Quantity = E. Total Cost will be ATC times E. And ...

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