1a. Fill in the tables for a Monopoly and Perfect Compet
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1a. Fill in the tables for a Monopoly and Perfect Competitor below. Pure Monopoly Output AR TR MR Price TC AC MC 1 ----
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1a. Fill in the tables for a Monopoly and Perfect Competitor below. Pure Monopoly Output AR TR MR Price TC AC MC 1 ---- 9 3 ---- 2 8 4 3 7 18 4 6 32 5 25 5 60 6 4 72 7 3 98 Pure Competition Output Price TR AR MR TC AC MC 1 20 --- 8 -- 2 12 3 24 4 40 5 60 6 20 84 7 112 8 144 1b. Plot the Marginal Revenue and Marginal Cost curves for each. 1c. What is marginal cost and revenues role for the profit maximizing firm? 1d. Plot and label all the curves necessary for a monopoly to determine what price to charge. Explain the function of each curve and its relationship to profit maximization. (use attached graph paper)
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