A summary of finding profit

Perfect Competition, Monopolistic Competition, MonopolyA summary of finding profitDetermining Profits Graphically Perfect Competition: A Firm with ProfitAVCMCQPATCFind output where MC = MR, this is the profit maximizing QP = D = MRMC = MRQprofit maxFind profit per unit where the profit max Q intersects ATC ATC at Qprofit maxPATCProfitsSince P>ATC at the profit maximizing quantity, this firm is earning profits14-22Determining Profits Graphically for Perfect CompetitionA Firm with Zero Profit or LossesATC at Qprofit max=ATCAVCMCQPATCMC = MRQprofit maxP MR=D=AR = PSince P=ATC at the profit maximizing quantity, this firm is earning zero profit or lossFind output where MC = MR, this is the profit maximizing QFind profit per unit where the profit max Q intersects ATC 14-33Determining Profits Graphically For Perfect Competition: A Firm with LossesAVCMCQPATCMC = MRQprofit maxATC at Qprofit maxP ATCP = D = MRSince PATC at the profit maximizing quantity, this firm is earning profitsFind how much consumers will pay where the profit max Q intersects demand, this is the monopolist price MCDMC = MRD at Qprofit maxMRATC at Qprofit max15-66Determining Profits Graphically Monopoly: A Firm with Zero Profit or LossesFind output where MC = MR, this is the profit maximizing QFind profit per unit where the profit max Q intersects ATC Find how much consumers will pay where the profit max Q intersects demand, this is the monopolist price Since P=ATC at the profit maximizing quantity, this firm is earning zero profit or lossPQprofit maxQATCP=ATCMCDMC = MRD at Qprofit maxMRATC at Qprofit max15-77LossesDetermining Profits Graphically Monopoly: A Firm with LossesQPATCQprofit maxPATCFind output where MC = MR, this is the profit maximizing QFind profit per unit where the profit max Q intersects ATC Find how much consumers will pay where the profit max Q intersects demand, this is the monopolist price MCDMC = MRD at Qprofit maxMRATC at Qprofit maxSince P