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a. What is the firm's Total Revenue?

b. What is the Total Cost?

c. What is the firm's Total Profits?

d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output

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The output level is demonstrated.

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a. What is the firm's Total Revenue?
The firm will produce at MC = MR to maximize its profit.
The monopoly output level is then E.
From the demand curve, the price should be A.
Thus the ...

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