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COSTS AND REVENUE (Dollars per shi TOTAL COST AND REVENUE (Dollars) please explain where to plot lines and also please help with fill in the blank option; Great or less, MC = TR, Profit = TR- TC, TC = TR, Profit MR MC, P = MC, Total cost and total revenue, total cost and profit, total revenue and profit. total cost and marginal revenue, marginal cost and marginal revenue, marginal cost and total revenue. Suppose Yvette runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Yvette's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Yvette produces, including zero shirts. 125 Total Cost 100 Total Revenue QUANTITY (Shirts) Proft ? Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 2 QUANTITY (Shirts) Marginal Revenue Marpinal Cost Yvette's profit is maximized when she produces which is shirts. When she does this, the marginal cost of the last shirt she produces is 5 than the price Yvette receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is than the price Yvette receives for each shirt she sells. Therefore, Yvette's profit- maximizing quantity corresponds to the intersection of the, which is, curves. Because Yvette is a price taker, this last condition can also be written as

COSTS AND REVENUE (Dollars per shi TOTAL COST AND REVENUE (Dollars) please explain where to plot lines and also please help with fill in the blank option; Great or less, MC = TR, Profit = TR- TC, TC = TR, Profit MR MC, P = MC, Total cost and total revenue, total cost and profit, total revenue and profit. total cost and marginal revenue, marginal cost and marginal revenue, marginal cost and total revenue. Suppose Yvette runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Yvette's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Yvette produces, including zero shirts. 125 Total Cost 100 Total Revenue QUANTITY (Shirts) Proft ? Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 2 QUANTITY (Shirts) Marginal Revenue Marpinal Cost Yvette's profit is maximized when she produces which is shirts. When she does this, the marginal cost of the last shirt she produces is 5 than the price Yvette receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is than the price Yvette receives for each shirt she sells. Therefore, Yvette's profit- maximizing quantity corresponds to the intersection of the, which is, curves. Because Yvette is a price taker, this last condition can also be written as

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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COSTS AND REVENUE (Dollars per shir TOTAL COST AND REVENUE (Dollars) please explain where to plot lines and also please help with fill in the blank option; Great or less, MC = TR, Profit = TR- TC, TC = TR, Profit = MR MC, P = MC, Total cost and total revenue, total cost and profit, total revenue and profit. total cost and marginal revenue, marginal cost and marginal revenue, marginal cost and total revenue. Suppose Yvette runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Yvette's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Yvette produces, including zero shirts. 125 Total Cost 100 Total Revenue 75 A QUANTITY (Shits) Profit Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 2 QUANTITY (Shirts) Marginal Revenue Marginal Cost Yvette's profit is maximized when she produces which is which is shirts. When she does this, the marginal cost of the last shirt she produces is 5 than the price Yvette receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is than the price Yvette receives for each shirt she sells. Therefore, Yvette's profit- maximizing quantity corresponds to the intersection of the curves. Because Yvette is a price taker, this last condition can also be written as,
Transcribed Image Text:COSTS AND REVENUE (Dollars per shir TOTAL COST AND REVENUE (Dollars) please explain where to plot lines and also please help with fill in the blank option; Great or less, MC = TR, Profit = TR- TC, TC = TR, Profit = MR MC, P = MC, Total cost and total revenue, total cost and profit, total revenue and profit. total cost and marginal revenue, marginal cost and marginal revenue, marginal cost and total revenue. Suppose Yvette runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Yvette's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Yvette produces, including zero shirts. 125 Total Cost 100 Total Revenue 75 A QUANTITY (Shits) Profit Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. Calculate Yvette's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 2 QUANTITY (Shirts) Marginal Revenue Marginal Cost Yvette's profit is maximized when she produces which is which is shirts. When she does this, the marginal cost of the last shirt she produces is 5 than the price Yvette receives for each shirt she sells. The marginal cost of producing an additional shirt (that is, one more shirt than would maximize her profit) is than the price Yvette receives for each shirt she sells. Therefore, Yvette's profit- maximizing quantity corresponds to the intersection of the curves. Because Yvette is a price taker, this last condition can also be written as,
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