Equilibrium quantity
- 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 |
