Economics Homework Help
B. GRAPHS1. Graph 1:Plot price
B. GRAPHS
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1. Graph 1: Plot price
(P) and marginal revenue (MR) with quantity produced (QF) on the
horizontal axis.
2. Graph 2: Plot total revenue (TR) and total costs (TCwith quantity produced (QF) on the
horizontal axis.
3. Graph 3: Plot price (P), marginal revenue (MR), marginal cost (MC) and average total
cost (ATC) with quantity produced (QF) on the horizontal axis.
C. PROBLEMS
- From Graph 1describe the relationship between the firm’s Demand Curve and its Marginal Revenue Curve. Answer:A. PRODUCTION COSTSAssume your business sells its products in a Monopoly Market. Let’s say that fixed costs (FC) are $47.AFCAVCATCperQFIRMperPriceperFCVCTotalTCMCunitunitunitTRMRProfit0$35.00$0.00$33.00$1.00$30.00$3.00$27.00$7.00$24.00$15.00$21.00$31.006$18.00$55.00$15.00$95.00$12.00$151.009$9.00$231.00
