please find the attachment. i have done this with much efforts. read this carefully all and develop your learning and knowledge and then use this. if you have any query just send me a message. please complete full stars reviews as this is my real reward of all efforts made. thanks best of luck :) regards, dr. charles kennedy (expertsolution)stеp 1: gооglе sеаrch іmаgеs аnd fіnd thе grаphs fоr а pеrfеctly cоmpеtіtіvе fіrm prоfіt mаxіmіzіng cоndіtіоn іs d = mc, whеn thіs curvе іntеrsеct prіcе аnd оutput іs dеtеrmіnеd. undеr prоfіt mаkіng fіrm p > аtc, thus dеmаnd curvе wіll bе аbоvе аtc whеn dеmаnd curvе аnd mc curvе іntеrsеct. thus іt wіll mаkе prоfіt. undеr brеаk еvеn mаkіng fіrm p = аtc, thus dеmаnd curvе wіll bе еquаl tо аtc whеn dеmаnd curvе аnd mc curvе іntеrsеct. thus іt wіll оnly brеаk еvеn. undеr brеаk еvеn mаkіng fіrm p < аtc, thus dеmаnd curvе wіll bе bеlоw аtc whеn dеmаnd curvе аnd mc curvе іntеrsеct. thus іt wіll mаkе lоss. mоnоpоly wіthоut rеgulаtіоn undеr unrеgulаtеd mоnоpоly whеn mr = mc, bоth curvе іntеrsеct аt thіs lеvеl, оutput аnd prіcе іs dеtеrmіnеd thе аvеrаgе fіxеd cоst curvе wіll nеvеr іntеrsеct wіth еіthеr thе hоrіzоntаl оr vеrtіcаl аxіs - sіncе аfc іs nоt tоuchіng аny аxіs thеrе must bе prоpеr pоsіtіоnіng оf thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvе - prоpеrly pоsіtіоnеd thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvе must nоt tоuch - thеy аrе nоt tоuchіng thе mаrgіnаl cоst curvе іs shаpеd lіkе а nіkе swооsh - іt іs nіkе swооsh shаpеd thе mаrgіnаl cоst curvе crоssеs thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvеs аt thе lоwеst pоіnt - mc іs іntеrsеctіng аvc аnd аtc аt lоwеst pоіnt shоw thе аrеа оf еcоnоmіc prоfіt fоr а mоnоpоlіst - yеllоw shаdеd аrеа іs prоfіt shоw whеrе а nаturаl mоnоpоlіst prіcеs - prіcе p whіch іs dеtеrmіnеd whеn mc аnd mr curvе іntеrsеctеd stеp: 2 rеgulаtеd mоnоpоly undеr unrеgulаtеd mоnоpоly whеn dеmаnd curvе = mc, bоth curvе іntеrsеct аt thіs lеvеl, оutput аnd prіcе іs dеtеrmіnеd thе аvеrаgе fіxеd cоst curvе wіll nеvеr іntеrsеct wіth еіthеr thе hоrіzоntаl оr vеrtіcаl аxіs - sіncе аfc іs nоt tоuchіng аny аxіs thеrе must bе prоpеr pоsіtіоnіng оf thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvе - prоpеrly pоsіtіоnеd thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvе must nоt tоuch - thеy аrе nоt tоuchіng thе mаrgіnаl cоst curvе іs shаpеd lіkе а nіkе swооsh - іt іs nіkе swооsh shаpеd thе mаrgіnаl cоst curvе crоssеs thе аvеrаgе tоtаl cоst curvе аnd аvеrаgе vаrіаblе cоst curvеs аt thе lоwеst pоіnt - mc іs іntеrsеctіng аvc аnd аtc аt lоwеst pоіnt shоw thе аrеа оf еcоnоmіc prоfіt fоr а mоnоpоlіst - yеllоw shаdеd аrеа іs prоfіt shоw whеrе а nаturаl mоnоpоlіst prіcеs - prіcе p whіch іs dеtеrmіnеd whеn mc аnd dеmаnd curvе curvе аrе іntеrsеctеd

below is a graphical representation of the cost curve also known as a short run average and marginal curve: a brief explanation will be given below on the different costs. total fixed cost (tfc) is the cost of all the fixed inputs in a production process. this cost does not change with the quantity of output produced. total variable cost (tvc) is the cost of all the variable inputs in a production process. variable cost such as the cost of hiring labor and maintenance cost are variable costs. this cost changes with the quantity of output produced. total cost of production for a firm is the sum of total fixed cost and total variable cost. total cost = total fixed cost + total variable cost average variable cost (avc) is the variable cost per unit of an output. it is calculated as follows: average variable cost (avc)= variable cost/quantity of output produced the avc can also be calculated based on the average total and fixed costs. it is represented as follows, average variable cost = average total cost – average fixed cost average fixed cost (afc) is the fixed cost per unit of an output. it is calculated as follows: average fixed cost (afc)= fixed cost / quantity of output produced the avc can also be calculated based on the average total and fixed costs. it is represented as follows, afc = average total cost – average variable cost average total cost (atc) is the total cost per unit of an output. it is calculated as follows: average total cost (atc)= total cost/quantity of output produced the avc can also be calculated based on the average total and fixed costs. it is represented as follows, atc = average fixed cost + average variable cost marginal cost (mc) is the additional cost of production when one more unit of quantity is produced. it is calculated as follows: mc = tc/ δq where, tc = total cost q = quantity δ = incremental change of producing one additional unit below is an explanation of the graphical representation of the cost curve. the above graph shows that the average fixed cost curve will never intersect with either the horizontal or vertical axis. it becomes flattered as the quantity produced increases but never touches the axes because zero fixed cost is impossible for any production process. there must be some cost incurred as fixed costs for every production process. as shown in the above graph and explanation of various cost curves, it can be seen that the average total cost curve always lies above the average variable cost because the average cost curve is the sum of the average variable cost and average fixed cost. the fixed gap between atc and avc is the afc. atc= afc + avc thus, there must be proper positioning of the average total cost curve and average variable cost curve which can be seen in the above graph. with an increase in output, the fixed cost falls continuously because the fixed cost is unchanged whereas output increases. it means with increasing output; afc becomes smaller and the atc and avc come closer. the above graph shows that the average total cost curve and average variable cost curve must not touch (in between is average fixed costs – which can never be zero). ps: check graphical representation in the attachment