Homework Assignment on Monopolistic Competition 1. Based upon the table below, answer the following questions. Provide complete explanations. a. What output level will the rm produce in order to maximize prots or minimize loss? b. What price will the rm charge? 0. What is the level of per unit prots? d. What is the level of economic prot? e. What will happen to rm's economic profit in the long run? Price Quantity Total Marginal Total Marginal Average Revenue Revenue Cost Cost Total Cost $23 10 $230 -- $340 -- $34 $20 20 $400 $17 $400 $6 $20 $18 30 $540 $14 $480 $8 $16 $16 40 $640 $10 $580 $10 $14.50 $14 50 $700 $5 $700 $12 $14 $12 60 $720 $2 $840 $14 $14 |>l