The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.Supply curve Marginal cost curve Average revenue curve Marginal revenue curve The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week.PRICE (Dollars per small truck)1009080706050403020100Demand0 12 3 485 6 7QUANTITY (Hundreds of small trucks)Supply9 10(?) Suppose that You Yeet is one of over a dozen competitive firms in the Bloomington area that offers moving truck rentals.Based on the preceding graph showing the weekly market demand and supply curves, the price You Yeet must take as given is $Fill in the price and the total, marginal, and average revenue You Yeet earns when it rents 0, 1, 2, or 3 trucks during move-in week.Quantity PriceTotal Revenue Marginal Revenue(Trucks) (Dollars per truck) (Dollars)(Dollars)Average Revenue(Dollars per truck)01230AAA

Perfect Competition This kind of market structure implies a market that consists of a large number of buyers and a large number of sellers. No individual seller can affect the price of an existing product in the market. All sellers in a perfect competition manufacture homogenous outputs, i.e., the outputs of all the sellers are alike to each other, and the products are uniformly priced. It has been provided that Youyeet is one of more than a hundred competitive firms in Bloomington City. In the case of perfect competition, it is the market or industry taking into account the market demand and market supply that decides the price while the firm accepts the price as decided by the industry. The provided figure represents that the market demand curve and market supply curve are intersecting each other corresponding to the price of $50 per medium box. This is the market price and each firm like Youteet has to accept this price. Thus, Based on the previous graph representing the daily market demand and supply curves, the price Youyeet must take as given is $10.Following is the complete table - Quantity (1) Price (2) Total Revenue (3 = 2*1) Marginal revenue (4) Average revenue (5) = (3/1) 0 50 0 --- -- 1 50 50 50 50 2 50 100 50 50 3 50 150 50 50 In the case of a competitive firm, the demand curve is identical to the average revenue curve and marginal revenue curve. Because Youyeet is a competitive firm, the demand curve it faces is identical to the average revenue curve and marginal revenue curve. Thus, the correct answer is that options are (2) and (3).

Business

Economics

The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week. 100 90 80 PRICE (Dollars per small truck) 8 70 8 9 20 10 0 0 Demand 1 4 2 3 5 7 8 QUANTITY (Hundreds of small trucks) Supply 9 10 (?)

The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week. 100 90 80 PRICE (Dollars per small truck) 8 70 8 9 20 10 0 0 Demand 1 4 2 3 5 7 8 QUANTITY (Hundreds of small trucks) Supply 9 10 (?)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.

Supply curve

Marginal cost curve

Average revenue curve

Marginal revenue curve

The following graph illustrates the market for small moving trucks in Bloomington, IN, during Indiana's fall move-in week.
PRICE (Dollars per small truck)
100
90
80
70
60
50
40
30
20
10
0
Demand
0 1
2 3 4
8
5 6 7
QUANTITY (Hundreds of small trucks)
Supply
9 10
(?)

Suppose that You Yeet is one of over a dozen competitive firms in the Bloomington area that offers moving truck rentals.
Based on the preceding graph showing the weekly market demand and supply curves, the price You Yeet must take as given is $
Fill in the price and the total, marginal, and average revenue You Yeet earns when it rents 0, 1, 2, or 3 trucks during move-in week.
Quantity Price
Total Revenue Marginal Revenue
(Trucks) (Dollars per truck) (Dollars)
(Dollars)
Average Revenue
(Dollars per truck)
0
1
2
3
0
AAA

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