I only need answers on the highlighted ones please :) **Suppose the following kinked demand curve for a particular oligopoly firm.**The graph presented shows several curves on a price-output relationship:- **MC (Marginal Cost)**: An upward-sloping curve intersecting with the MR curve.- **AR = D (Average Revenue = Demand)**: A kinked curve with a more inelastic section and a bend at the current price and output levels.- **MR (Marginal Revenue)**: A curve with a vertical segment at the kink point.- **ATC (Average Total Cost)**: A U-shaped curve.**Key Points on the Graph:**- The vertical axis is labeled "Dollars per Unit," and the horizontal axis is labeled "Output."- The intersection of the MR curve's vertical segment with the MC curve determines the profit-maximizing output.- The price level along the AR curve at the given output level.**Questions:**a. **What is the current price?**b. **What is the current output?**c. **What is this firm's per unit profit?**d. **What is this firm's total profit?**

Oligopoly is a market structure in which firms have a greater influence or dominance over the…

Answered: a. What is the current price? b. What…

Business

Economics

a. What is the current price? b. What is the current output?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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