7. Working with Numbers and Graphs Q The following graph illustrates the demand and marginal revenue curve (D-MR) of a perfectly competitive firm Suppose that when the firm produces 70 units, its average variable cost equals $30 per unit and its average total cost equals $55 per unit. Use the green rectangle (triangle symbols) to plot the total cost of producing 70 units. Next, use the grey rectangle (star symbols) to plot the total variable cost of producing 70 units. Then, use the tan rectangle (dash symbols) to plot the total revenue at 70 units. Finally, use the purple rectangle (diamond symbols) to plot the profit or loss at 70 units. PRICE AND COST (D) 100 222 222 70 40 30 20 10 O 010 20 30 50 60 QUANTITY (Units) +ATC + AVC 70 D-MR W Total Cost Total Variable Col Total Revenue Proft or Loss
7. Working with Numbers and Graphs Q8 The following graph illustrates the demand and marginal revenue curve (D-MR) of a
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer.
Take care of plagiarism.
Answer completely.
You will get up vote for sure.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 7 images
