I only need answers on the highlighted ones please :) **Suppose the following kinked demand curve for a particular oligopoly firm.**The graph presented shows several curves on a price-output relationship:- **MC (Marginal Cost)**: An upward-sloping curve intersecting with the MR curve.- **AR = D (Average Revenue = Demand)**: A kinked curve with a more inelastic section and a bend at the current price and output levels.- **MR (Marginal Revenue)**: A curve with a vertical segment at the kink point.- **ATC (Average Total Cost)**: A U-shaped curve.**Key Points on the Graph:**- The vertical axis is labeled "Dollars per Unit," and the horizontal axis is labeled "Output."- The intersection of the MR curve's vertical segment with the MC curve determines the profit-maximizing output.- The price level along the AR curve at the given output level.**Questions:**a. **What is the current price?**b. **What is the current output?**c. **What is this firm's per unit profit?**d. **What is this firm's total profit?**

Oligopoly is a market structure in which firms have a greater influence or dominance over the…

Answered: a. What is the current price? b. What…

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a. What is the current price? b. What is the current output?

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Question

I only need answers on the highlighted ones please :)

**Suppose the following kinked demand curve for a particular oligopoly firm.**

The graph presented shows several curves on a price-output relationship:

- **MC (Marginal Cost)**: An upward-sloping curve intersecting with the MR curve.
- **AR = D (Average Revenue = Demand)**: A kinked curve with a more inelastic section and a bend at the current price and output levels.
- **MR (Marginal Revenue)**: A curve with a vertical segment at the kink point.
- **ATC (Average Total Cost)**: A U-shaped curve.

**Key Points on the Graph:**

- The vertical axis is labeled "Dollars per Unit," and the horizontal axis is labeled "Output."
- The intersection of the MR curve's vertical segment with the MC curve determines the profit-maximizing output.
- The price level along the AR curve at the given output level.

**Questions:**

a. **What is the current price?**

b. **What is the current output?**

c. **What is this firm's per unit profit?**

d. **What is this firm's total profit?**

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