The figure given below shows the cost and revenue curves of a monopolist.Figure 11.9
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
-A monopolist's supply curve cannot be derived directly from its marginal cost curve as in the case of a competitive firm.
Definitions:
Q3
The third quartile in a data set, representing the value below which 75% of the data falls.
Q1
Stands for the first quartile in a data set, which is the median of the lower half of the data set.
Q2
Often refers to the median in the context of quartiles in descriptive statistics, which divides a data set into two equal parts.
Median
The middle value in a list of numbers, which separates the higher half from the lower half.
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