Suppose Felix runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Felix's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plor profit for the first seven shirts that Felix produces, including zero shirts. 125 Total Cost 100 Total Revenue 75 Profit 50 2 QUANTITY (Shirts) TOTAL COST AND REVENUE(Dollars)
Suppose Felix runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Felix's total cost curve. Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plor profit for the first seven shirts that Felix produces, including zero shirts. 125 Total Cost 100 Total Revenue 75 Profit 50 2 QUANTITY (Shirts) TOTAL COST AND REVENUE(Dollars)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose Felix runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10
per shirt.
The following graph shows Felix's total cost curve.
Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plor profit for the first seven shirts that Felix
produces, including zero shirts.
125
Total Cost
100
Total Revenue
75
Profit
50
2
QUANTITY (Shirts)
TOTAL COST AND REVENUE(Dollars)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa27305b5-d7dd-45cd-9e0b-976bf7f544dd%2F1f13b566-6595-4635-9a87-f833dbf7e336%2Fvvdmoru.png&w=3840&q=75)
Transcribed Image Text:Suppose Felix runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10
per shirt.
The following graph shows Felix's total cost curve.
Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plor profit for the first seven shirts that Felix
produces, including zero shirts.
125
Total Cost
100
Total Revenue
75
Profit
50
2
QUANTITY (Shirts)
TOTAL COST AND REVENUE(Dollars)
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa27305b5-d7dd-45cd-9e0b-976bf7f544dd%2F1f13b566-6595-4635-9a87-f833dbf7e336%2Fjv59q5q.png&w=3840&q=75)
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