The figure above shows a monopoly's total revenue and total cost curves.
-Using the figure above,which of the following statements are correct?
i.MR = MC when 3 haircuts are produced.
ii.If the firm charges each customer the same price for a haircut,the price of a haircut is $42.
iii.The firm's MC equals $30.
Definitions:
Cost Curves
Graphical representations that show how the cost of producing a good or service changes with changes in the production volume.
Full Cost
The total amount of expenses incurred to produce a good or service, including direct, indirect, fixed, and variable costs.
Expert Systems
Computer programs that mimic the decision-making abilities of a human expert in a specific domain, utilizing a set of rules.
Maintenance Systems
encompass the strategies and practices implemented to ensure equipment and facilities are kept in working condition to support ongoing operations.
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