Question: How do you do this 12-3 4. (a) Use the accompanying graph to illustrate the short-run equilibrium of a monopolistically competitive firm. (b) At that

How do you do this

12-3 4. (a) Use the accompanying graph to illustrate the short-run equilibrium of a monopolistically competitive firm. (b) At that equilibrium, what is (i) Price? (ii) Output? (ifi) Total profit? (c) Identify the long-run equilibrium of the same firm. (d) In long-run equilibrium, what is (approximately) (1) Price? (in) Output? (iii) Total profit? 18 17 16 MC ATC PRICE OR COST (dollars per unit) Demand 2 7 10 11 12 13 14 15 16 17 MA QUANTITY (units per period

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