The demand curve facing a competitive firm The following graph shows the daily market for extra-large cardboard boxes in San Francisco. Suppose that Vesoro is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is . Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 – 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Supply curve
The demand curve facing a competitive firm The following graph shows the daily market for extra-large cardboard boxes in San Francisco. Suppose that Vesoro is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is . Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day. Quantity Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars) (Dollars per box) 0 0 – 1 2 3 The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply. Average revenue curve Marginal revenue curve Supply curve
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2. The demand curve facing a competitive firm
The following graph shows the daily market for extra-large cardboard boxes in San Francisco.
Suppose that Vesoro is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes.
Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is
.
Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day.
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Quantity
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Total Revenue
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Marginal Revenue
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Average Revenue
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(Dollars per box)
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(Dollars)
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(Dollars)
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(Dollars per box)
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The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply.
Average revenue curve
Marginal revenue curve
Supply curve
Marginal cost curve
Transcribed Image Text:Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day.
Quantity Price
Total Revenue
Marginal Revenue
Average Revenue
(Boxes) (Dollars per box) (Dollars)
(Dollars)
(Dollars per box)
2
The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply.
O Average revenue curve
Marginal revenue curve
O supply curve
O Marginal cost curve
Transcribed Image Text:2. The demand curve facing a competitive firm
The following graph shows the daily market for extra-large cardboard boxes in San Francisco.
50
Supply
45
40
Demand
35
30
25
20
15
10
5
1
2
3
4
5
6
7
B
10
QUANTITY (Millions of extra-large boxes)
Suppose that Vesoro is one of more than a hundred competitive firms in San Francisco that produce such cardboard boxes.
Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is S
PRICE (Dollars per extra-large box)
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