Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 9.00

marginal revenue curve

The following graph shows marginal cost, average total cost, and average variable cost curves for a typical perfectly competitive firm.

a. Draw the marginal revenue curve when market price is $5.50 and then label the profit-maximizing level of output. Now label the price at which the firm is earning zero economic profit. Finally, label the price at which the firm would shut down temporarily.

Instructions: Use the tool 'MR' to draw the marginal revenue curve between Q = 0 and Q = 10 and then use the tool 'Q' to indicate the profit-maximizing level of output. Now use the tool 'Zero' to indicate the price at which the firm is earning zero economic profit. Finally, use the tool 'SD' to indicate the price at which the firm would shut down temporarily.

   

b. In the long run, the firm will exit the market if price falls below (Click to select)the minimum of the AFC curvethe minimum of the ATC curvethe minimum of the MR curvethe minimum of the AVC curve.

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Maurice Tutor
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Status NEW Posted 18 Aug 2017 11:08 PM My Price 9.00

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