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. 3. Profit maximization using total cost and total revenue curvesSuppose Iyana operates a handicraft pop-up retail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases witha market price equal to $20 per phone case.The following graph shows Iyana's total cost curve.Use the blue points (circle symbol) to plot total revenue and the green points (triangle symbol) to plat profit for phone cases for quantities zarothrough seven (including zero and seven) that Iyana produces.TOTAL COST AND REVENUE (D)200COSTS AND REVENUE (Dolars per phone case)1751501250-25D2☐23050QUANTITY()5Total CoolDCalculate Iyana's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. Use theblue points (circle symbol) to plat marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.QUANTITY()7TH7ⒸMarginal vereMarginal CodIyana's profit is maximized when they produce a total ofproduce isan amountlessphone cases. At this quantity, the marginal cost of the final phone case theythan the price received for each phone case they sell. At this point, the marginal cost of producing onemore phone case (the first phone case beyond the profit maximuing quantity) isan amount greater than the price received for eachphone case they sell. Therefore, Iyana's profit-maximuing quantity occurs at the point of intersection between themarginal cost and marginal revenue curves. Because Iyana is a price taker, the previous condition is equivalent toP-MC

This can be defined as a concept that shows that when a purchaser purchases an extra unit of any…

Suppose Iyana operates a handicraft pop-up ratail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with a market price equal to $20 per phone case. The following graph showslyana's total cost curve. Use the blue points (candle symbol) to plot total evi and the gree points (triangle symbol) to plot profit for phones for through salvin (induding sies and seven) that Iyana produces NA ONY 8 a ?

Suppose Iyana operates a handicraft pop-up ratail shop that sells phone cases. Assume a perfectly competitive market structure for phone cases with a market price equal to $20 per phone case. The following graph showslyana's total cost curve. Use the blue points (candle symbol) to plot total evi and the gree points (triangle symbol) to plot profit for phones for through salvin (induding sies and seven) that Iyana produces NA ONY 8 a ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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