(Solved): The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopol ...

The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopolistically competitive firm are shown in the figure below. a. Identify the profit-maximizing price and quantity and show total profit. Instructions: Use the tool provided 'Pt. A' to identify the profit-maximizing price and quantity. Then use the tool provided 'Profit' to illustrate this area on the graph. Drag the points to move or resize. (i) Tools Instructions: Enter your answer as a whole number. If you are entering a negative number be sure to include a negative sign (-) in front of that number. b. At the profit-maximizing price and quantity, profit is: \( \$ \) c. In the long run, other firms will this market. will and the price of this good will