Use the graphs of the oligopolist below to answer each of the questions that fol

Question

Use the graphs of the oligopolist below to answer each of the questions that follow:

a. At what level of output will this firm operate?

b . What is the MC at this level of output?

c. What price will the firm charge for its product?

d. The area of what rectangle equals TR?

e. What is the firm's average cost?

f. The area of what rectangle is equal to the firm's TC?

g. The area of what rectangle is equal to the firm's profit?

h. Suppose the firm is operating at an output level of Y units. How low would marginal costs at Y units of output have to drop before the firm would lower its

price?

Explanation / Answer

(a) 0Y

(b) 0C

(c) 0F

(d) 0FGY

(e) 0D

(f) 0DJY

(g) DFGJ

(h) below 0A

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