Graph a perfectly competitive market with the following information.Industry Price: $12MC @ 400 units: $9MC @ 500 units: $12MC @ 600 units: $15MC @ 700 units: $ 22ATC at Profit Max Q*: $10Graphically show the areafor TR, TC & Profits on thegraph.

Total Revenue (TR):Total Revenue is the total amount of money a firm receives from selling its goods…

Answered: Graph a perfectly competitive market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question in image. Stuck on this economic question for hours. If you don't know how to slove it, let someone else try before rejecting it Thanks :)
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Graph a perfectly competitive market with the following information. Industry Price: $12 MC @ 400 units: $9 MC @ 500 units: $12 MC @ 600 units: $15 MC @ 700 units: $ 22 ATC at Profit Max Q*: $10 Graphically show the area for TR, TC & Profits on the graph.