In Figure 8.3, why is the revenue curve a straight line in panel a? What is the
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In Figure 8.3, why is the revenue curve a straight line in panel a? What is the slope of the revenue curve? What is the slope of the profit curve at the q where profit is maximized? What can you say about the slopes of the cost and revenue curves at the q where profit is maximized? Why is profit equal to the gold box in panel b?
Figure 8.3 How a Competitive Firm Maximizes Profit
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Revenue is a straightline because the firm is a pri...View the full answer
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Related Book For 
Microeconomics Theory and Applications with Calculus
ISBN: 978-0133019933
3rd edition
Authors: Jeffrey M. Perloff
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