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You have been hired by a monopoly to analyze the following production data and prepare a proposal suggesting how to maximize profits.
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Monopoly Firm
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Price
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MR
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TR
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Q
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TC
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MC
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ATC
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AVC
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6.4
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3.1
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1000
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6400
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3
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3.24
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The data provided by the company is incomplete. You are to complete columns TR and ATC in the chart and make a short-run recommendation, using one of the recommendation actions from the list below. Remember that your goal is to maximize profits. Prepare a one page paper that includes your solutions to the table, your recommendation action, and justification supporting your recommendation.
Recommendation actions:
- Remain at current output level.
- Increase output
- Decrease output
- Shut down
- Uncertain-the figures provided cannot possibly be correct.
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