Suppose that the market price in a perfectly competitive industry is $50 per unit. 1.) Using the line drawing tool, draw the marginal revenue line given this price and label your line MR. 2.) Using the rectangle drawing tool, draw a rectangle showing the area of profit or loss of the firm and label it P/L. Carefully follow the instructions above, and only draw the required objects. Price, ATC, MC ($) Q 100- 90- MC 80- ATC 巳 70- AVC 60- 50- 40- 30- 20- 10- 0+ Quantity (per month) AFC
Suppose that the market price in a perfectly competitive industry is $50 per unit. 1.) Using the line drawing tool, draw the marginal revenue line given this price and label your line MR. 2.) Using the rectangle drawing tool, draw a rectangle showing the area of profit or loss of the firm and label it P/L. Carefully follow the instructions above, and only draw the required objects. Price, ATC, MC ($) Q 100- 90- MC 80- ATC 巳 70- AVC 60- 50- 40- 30- 20- 10- 0+ Quantity (per month) AFC
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Suppose that the market price in a perfectly competitive industry is $50 per unit.
1.) Using the line drawing tool, draw the marginal revenue line given this price and label your
line MR.
2.) Using the rectangle drawing tool, draw a rectangle showing the area of profit or loss of the
firm and label it P/L.
Carefully follow the instructions above, and only draw the required objects.
my instructor
☐☐
100-
90-
MC
80-
ATC
70-
AVC
60-
50-
40-
30-
20-
10-
0+
Quantity (per month)
Price, ATC, MC ($)
☑
AFC
Clear all
Check answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5f9375e-0df5-4157-884b-0c2da364968e%2F253a219c-34d1-47c5-91d9-cd70f20ab831%2Fa76pu4n_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that the market price in a perfectly competitive industry is $50 per unit.
1.) Using the line drawing tool, draw the marginal revenue line given this price and label your
line MR.
2.) Using the rectangle drawing tool, draw a rectangle showing the area of profit or loss of the
firm and label it P/L.
Carefully follow the instructions above, and only draw the required objects.
my instructor
☐☐
100-
90-
MC
80-
ATC
70-
AVC
60-
50-
40-
30-
20-
10-
0+
Quantity (per month)
Price, ATC, MC ($)
☑
AFC
Clear all
Check answer
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