The marginal cost, marginal revenue, and demand curves for Halifax Home and Garden's deluxe wheelbarrow are shown in the graph below.

Required: 

Before completing any of the following requirements, read over the entire list.
1. Trace the graph onto a blank piece of paper, and label all parts of the graph.
2. Draw a companion graph directly above the traced graph. Use this graph to draw the firm's total revenue and total cost curves.
3. Show the company's profit-maximizing price on the lower graph and its profit-maximizing quantity on both graphs.

Transcribed Image Text:

Dollars per unit Quantity sold per month