The graph below shows the cost and revenue curves for IchiBan Inc., a monopolist. Revenues and costs 72 66 60 54 48 42 36 30 24 18 12 6 0 0 20 40 60 80 100 120 140 160 180 200 220 Price: $ Quantity per period AR MR AC MC a. What is the monopolist's profit-maximizing output and price? Output: b. What will be the monopolist's total profit?

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.