Finding firm profit from its cost graph

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Reference no: EM1367936

The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions:

1. What is the firm's Total Revenue?

2. What is the Total Cost?

3. What is the firm's Total Profits?

4. If a monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.

Reference no: EM1367936

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