Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza. Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza. Draw Pat's supply curve: Label the part at which Pat supplies zero pizza S0 and label the part at which Pat's supplies some pizza S1.
Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza. Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza. Draw Pat's supply curve: Label the part at which Pat supplies zero pizza S0 and label the part at which Pat's supplies some pizza S1.
Chapter23: Profit Maximization
Section: Chapter Questions
Problem 1E
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Question
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Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza.
Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza.
Draw Pat's supply curve: Label the part at which Pat supplies zero pizza S0 and label the part at which Pat's supplies some pizza S1.
![Pat's Pizza Kitchen has the following total cost schedule.
Output
Total cost
(pizzas per hour)
(dollars per hour)
10
1
21
30
41
54
69
al
Use the data to draw Pat's supply curve. Pat's is a price taker.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49532bfe-b049-47df-88f5-94bb6026c930%2Fa873cc82-315f-47f7-a422-34931f3f22de%2Fa5ehtod_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Pat's Pizza Kitchen has the following total cost schedule.
Output
Total cost
(pizzas per hour)
(dollars per hour)
10
1
21
30
41
54
69
al
Use the data to draw Pat's supply curve. Pat's is a price taker.
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