Please give me correct answer and full explanation with calculation otherwise i give downvote Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolisticallycompetitive firm are shown in the figure below.Instructions: Use the tool provided 'Pt. A' to identify the profit-maximizing quantity and price.Price/Cost$50MC$40$30$20$10DToolsPt. AATCAVCMR01020304050QuantityWe know this firm is earning positiveThis indicates that this firm is not✓profits because P = ATCin a long-run equilibrium.i

Average total cost refers to the approximate total cost of production at different levels of…

Answered: The marginal costs (MC), average…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer and full explanation with calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically
competitive firm are shown in the figure below.
Instructions: Use the tool provided 'Pt. A' to identify the profit-maximizing quantity and price.
Price/Cost
$50
MC
$40
$30
$20
$10
D
Tools
Pt. A
ATC
AVC
MR
0
10
20
30
40
50
Quantity
We know this firm is earning positive
This indicates that this firm is not
✓
profits because P = ATC
in a long-run equilibrium.
i

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