Business, 09.12.2021 09:00, yejinschoi3007

Given the following information for a monopolistic competitor: Demand: P = 60 - 6(Q)
Marginal revenue: MR = 60 – 12(Q)
Marginal cost: MC = 2(Q) + 6
Average total cost at equilibrium is 30
1. At what output (Q) will this firm maximize profit?
Number
2. At what price (P) will this firm maximize profit?
Number
3. What is the total revenue (TR) earned at this output level? Number
4. What is the total cost (TC) accrued at this output?
Number
5. What profit or loss is experienced by this firm?
Number
6. Could this firm be in a longrun situation? (answer 1 = yes, 2 = no)
Number
I

Answers: 2

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Given the following information for a monopolistic competitor: Demand: P = 60 - 6(Q)
Margina...