20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve
20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:5. The demand curve facing a competitive firm
The following graph illustrates the market for medium moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week.
PRICE (Dollars per medium truck)
200
180
160
140
120
100
80
40
20
0
0
Demand
1
3
4
5 6 7 8
QUANTITY (Hundreds of medium trucks)
2
Supply
9 10
?
Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals.
Based on the preceding graph showing the weekly market demand and supply curves, the price Sendit must take as given is $

Transcribed Image Text:Assignment8
40
20
0
0 1 2 3
Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals.
Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $
Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week.
Quantity Price
(Trucks)
Total Revenue
(Dollars per truck) (Dollars)
Average Revenue
(Dollars per truck)
0
1
4 5 6 7 8 9 10
QUANTITY (Hundreds of medium trucks)
2
3
0
Marginal Revenue
(Dollars)
AAA
The demand curve faced by SendIt is identical to which of its other curves? Check all that apply.
Average revenue curve
Marginal cost curve
Marginal revenue curve
Supply curve
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