Micro Economics
Find the MR and MC for different quantities of production and enter your answers on the table.
Find the monopolist’s equilibrium quantity and price.
iii. From the table can we obtain a long run perfectly competitive equilibrium price and quantity? Explain why or why not. (HINT: In long run perfect competition leads to zero economic profit).
| Quantity | Total Revenue | Total Cost | MR | MC |
| 6 | 110 | 80 | ||
| 7 | 122 | 85 | ||
| 8 | 132 | 92 | ||
| 9 | 140 | 101 | ||
| 10 | 146 | 114 |
From the table can we obtain a long run perfectly competitive equilibrium price and quantity? Explain why or why not.
