*4 Chapter 13 HomeworkCalculate Jayden's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. Use theblue points (symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.COSTS AND REVENUE (Dollars per phone case)9358252015105QUANTITY (Phone cases)67BMarginal RevenueMarginal CostJayden's profit is maximized when they produce a total of phone cases. At this quantity, the marginal cost of the final phone case theyproduce is s, an amountthan the price received for each phone case they sell. At this point, the marginal cost of producing onemore phone case (the first phone case beyond the profit maximizing quantity) is sthan the price received for eachphone case they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between thecurves. Because Jayden is a price taker, the previous condition is equivalent to, an amountSearch this Chapter 13 Homework3. Profit maximization sing total cost and total revenue curvesSuppose Jayden operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases witha market price equal to $20 per phone case.The following graph shows Jayden's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zerothrough seven (including zero and seven) that Jayden produces.TOTAL COST AND REVENUE (Dollars)2001751501251007550250-25D23QUANTITY (Phone cases)6Total Cost76Total RevenueProfit

Total cost is the total cost of production, which includes both fixed and variable costs. Marginal…

Chapter 13 Homework 3. Profit maximization sing total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with a market price equal to $20 per phone case. The following graph shows Jayden's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zero through seven (including zero and seven) that Jayden produces. TOTAL COST AND REVENUE (Dollar) 200 175 150 125 100 75 60 25 0 -25 D D 1 2 3 5 QUANTITY (Phone cases) 6 Total Cost 7 Total Revenue Profit

Chapter 13 Homework 3. Profit maximization sing total cost and total revenue curves Suppose Jayden operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with a market price equal to $20 per phone case. The following graph shows Jayden's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zero through seven (including zero and seven) that Jayden produces. TOTAL COST AND REVENUE (Dollar) 200 175 150 125 100 75 60 25 0 -25 D D 1 2 3 5 QUANTITY (Phone cases) 6 Total Cost 7 Total Revenue Profit

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

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Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.

Question

Chapter 13 Homework
Calculate Jayden's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. Use the
blue points (symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.
COSTS AND REVENUE (Dollars per phone case)
9
35
8
25
20
15
10
5
QUANTITY (Phone cases)
6
7
B
Marginal Revenue
Marginal Cost
Jayden's profit is maximized when they produce a total of phone cases. At this quantity, the marginal cost of the final phone case they
produce is s
, an amount
than the price received for each phone case they sell. At this point, the marginal cost of producing one
more phone case (the first phone case beyond the profit maximizing quantity) is s
than the price received for each
phone case they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the
curves. Because Jayden is a price taker, the previous condition is equivalent to
, an amount
Search this

Chapter 13 Homework
3. Profit maximization sing total cost and total revenue curves
Suppose Jayden operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with
a market price equal to $20 per phone case.
The following graph shows Jayden's total cost curve.
Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plot profit for phone cases for quantities zero
through seven (including zero and seven) that Jayden produces.
TOTAL COST AND REVENUE (Dollars)
200
175
150
125
100
75
50
25
0
-25
D
2
3
QUANTITY (Phone cases)
6
Total Cost
7
6
Total Revenue
Profit

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