2. For a firm in a perfectly competitive market, the total revenue curve is unusually easy to draw. What will it look like? Draw TR in your figure (along with your TC). Remember that if you sell nothing, your revenue is zero. The price of the good is 2.20. 3. Below the graph, construct another graph with the same scale on the X-axis. First, draw the curve for AVC. How can you know at which quantity AVC reaches its lowest point? Then draw the MC and MR. 4. Show how to find the point where the firm maximizes its profit.

2. For a firm in a perfectly competitive market, the total revenue curve is unusually easy to draw. What will it look like? Draw TR in your figure (along with your TC). Remember that if you sell nothing, your revenue is zero. The price of the good is 2.20. 3. Below the graph, construct another graph with the same scale on the X-axis. First, draw the curve for AVC. How can you know at which quantity AVC reaches its lowest point? Then draw the MC and MR. 4. Show how to find the point where the firm maximizes its profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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