please answer the questions on the imagethank you 1. The demand curve facing a price takerThe following graph shows the daily market demand and supply curves. The equilibrium market price is $20 per large cardboard box.4036Supply3228Demand2 3 4 5 6QUANTITY (Millions of large boxes)17810Suppose Boxes R Us is one of over a hundred perfectly competitive firms that produce large cardboard boxes for moving.On the following graph, use the green line (triangle symbols) to plot the demand curve facing Boxes R Us for large cardboard boxes.Hint: Remember that perfectly competitive firms can sell all their output at the going price.40A36Demand3228PRICE (Dollars per large box)(xog Hint: Remember that perfectly competitive firms can sell all their output at the going price.4036Demand3228242016128.413456810QUANTITY (Thousands of large boxes)In the following table, fill in the total and marginal revenues that Boxes R Us earns for the first three boxes it sells each day.Total OutputPriceTotal RevenueMarginal RevenueAverage Revenue(Boxes)(Dollars per box)(Dollars)(Dollars per box)(Dollars per box)2012020320The demand curve that Boxes R Us faces is identical to which of its other curves? Check all that apply.O Its average revenue curveO Its total revenue curveO Its marginal revenue curveO Its supply curveO Its marginal cost curvePRICE (Dollars per large box)

The total revenue (TR) refers to the total amount a firm earns by selling its product. The marginal…

40 36 Demand 32 28 24 20 16 12 4. 2 3 4 5 6 10 QUANTITY (Thousands of large boxes) In the following table, fill in the total and marginal revenues that Boxes R Us earns for the first three boxes it sells each day. Total Output Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars per box) (Dollars per box) 20 20 20 20 The demand curve that Boxes R Us faces is identical to which of its other curves? Check all that apply. O Its average revenue curve Its total revenue curve O Its marginal revenue curve O Its supply curve O Its marginal cost curve PRICE (Dollars per large box)

40 36 Demand 32 28 24 20 16 12 4. 2 3 4 5 6 10 QUANTITY (Thousands of large boxes) In the following table, fill in the total and marginal revenues that Boxes R Us earns for the first three boxes it sells each day. Total Output Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars per box) (Dollars per box) 20 20 20 20 The demand curve that Boxes R Us faces is identical to which of its other curves? Check all that apply. O Its average revenue curve Its total revenue curve O Its marginal revenue curve O Its supply curve O Its marginal cost curve PRICE (Dollars per large box)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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