(d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the equilibrium market quantity with q*. (e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price, quantity. Show the profit. Do all the plots give you the same answer? Graph the market Graph the firm
(d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the equilibrium market quantity with q*. (e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price, quantity. Show the profit. Do all the plots give you the same answer? Graph the market Graph the firm
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Please do question d & e

Transcribed Image Text:(a) Complete all the cost columns.
(b) Assume price $5. Complete the rest of the table.
(c) Graph TR and TC on the graph up and to the right.
(d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the
equilibrium market quantity with q*.
(e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the
firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price,
quantity. Show the profit. Do all the plots give you the same answer?
Graph the market
Graph the firm

Transcribed Image Text:Assume that the purely competitive firm operates as described below:
TFC
TVC
TC
AC
MC
TR
MR
Profit
3
Graph TR and TC for the firm
1
6.
3.
8.
11
15
21
30
8.
42
9
60
10
85
(a) Complete all the cost columns.
(b) Assume price = $5. Complete the rest of the table.
(c) Graph TR and TC on the graph up and to the right.
(d) For the market graph below on the right, label demand, supply and the prevailing market price. Label the
equilibrium market quantity with q*.
(e) For the firm graph below to the left, label the axis. PLOT USING THE DATA IN THE TABLE the demand curve the
firm faces, the marginal revenue curve, the average cost curve, the marginal cost curve, and the equilibrium price,
quantity. Show the profit. Do all the plots give you the same answer?
00
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