Answered: revenue curve

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

The left graph shows the world market for wheat. The right graph shows the cost curves and the marginal revenue curve of an individual wheat farmer at the initial long-run equilibrium. The world population increases. In the left graph, draw the new demand curve. Label it. Draw the market supply curve that returns the wheat market to its long-run equilibrium. Label it. Draw a point to show the new long-run equilibrium price and quantity. In the right graph, draw a point to show the firm's price and quantity in the long run.

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.

20-
16-
12-
16-
12-
10
XØ
8-
4-
Do
8-
Price (dollars per bushel)
4-
10
So
20
0-
0 5 10 15 20 25 30 35 40
Quantity (billions of bushels per year)
Price and cost (dollars per bushel)
MC
ATC
MR
200
0-
0 50 100 150 200 250 300 350 400
Quantity (thousands of bushels per year)

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