Question 3: Monopoly graph . Do parts a, b., c Draw the short-run ATC, AVC, MC, MR and Demand graphs for a monopoly market. In each part, show Total Cost (TC), Total Revenue (TR), shade the profit or loss. Clearly label Q for the equilibrium quantity point and P for market price point. a. Draw a profit situation b. Draw a loss (not shutdown) situation c. Draw a monopoly and perfectly competitive industry on the same graph space. Onh show equilibrium quantity and price of monopoly (Qm and Pm) and quantity and pric for a perfect competition situation denoted as (Qpc and Ppc). You do not need to identif TR, TC or shade the profit in this graph.

Question 3: Monopoly graph . Do parts a, b., c Draw the short-run ATC, AVC, MC, MR and Demand graphs for a monopoly market. In each part, show Total Cost (TC), Total Revenue (TR), shade the profit or loss. Clearly label Q for the equilibrium quantity point and P for market price point. a. Draw a profit situation b. Draw a loss (not shutdown) situation c. Draw a monopoly and perfectly competitive industry on the same graph space. Onh show equilibrium quantity and price of monopoly (Qm and Pm) and quantity and pric for a perfect competition situation denoted as (Qpc and Ppc). You do not need to identif TR, TC or shade the profit in this graph.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter14: Monopoly

Section: Chapter Questions

Problem 14.7P

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