Show all of your calculations and processes. Describe your answer for each question in complete sentences, whenever it is necessary.
- What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate the equilibrium point.
- How much economic profit do you expect that Robert’s company will make in the first year?
- Do you expect this economic profit level to continue in subsequent years? Why or why not?
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