Consider the diagram below depicting the revenue and cost conditions faced by a monopolistically competitive firm, and then answerthe following questions.$40$35$30MCATC$25$20$17.50$15$10$4.40$53.25MRDemand1345 678 910QuantityPrice and costs.... Instructions: Round your answers to 2 decimal places.a. What is total revenue for this firm?b. What is total cost for this firm?c. What is this firm's economic profit?%24%24%24

A monopolistic market refers to a situation in which there are many sellers and buyers. all the…

Answered: a. What is total revenue for this firm?…

a. What is total revenue for this firm? b. What is total cost for this firm? c. What is this firm's economic profit? %24 %24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Consider the diagram below depicting the revenue and cost conditions faced by a monopolistically competitive firm, and then answer
the following questions.
$40
$35
$30
MC
ATC
$25
$20
$17.50
$15
$10
$4.40
$5
3.25
MR
Demand
1
3
4
5 6
7
8 9
10
Quantity
Price and costs
....

Instructions: Round your answers to 2 decimal places.
a. What is total revenue for this firm?
b. What is total cost for this firm?
c. What is this firm's economic profit?
%24
%24
%24

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