Homework Answers
Answer
3 
In the long ru the monopolistically competititve firms do not enjoy economic profits, at ATC=MC=P
5
The profit maximising quantity is at MR=MC, her its at Q2, the price at Q2 i te demand grap is the sale price. The profit is bf.
6. 
will lead to a decrease in reveue, as the ouput will decrease at a greater proportion than the increase in price.
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to maximize the firm's profits. What quantity should the firm aim
for?
Give your answer by dragging the Q line to a new position to mark
the quantity at which profit is as large as possible.
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Give your answer by dragging the Q line to a new position to mark
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