1 . The demand curve facing a price taker The following graph shows the daily market demand and supply curves. The equilibrium market price is $10 per medium cardboard box. 20 -- 18 Sunply 16 E .r: 14 E .E g 12 E ._ g 10 -+ g I E E B I g I 3 6 ' a I o. 4 I I I Demand 2 I 0 1 1 1 1 1 I 1 1 1 1 . 1 2 3 4 5 6 7 8 9 10 QUANTITY (Millions of medium boxes) Suppose Cardboard Inc. is one of over a hundred perfectly competitive firms that produce medium cardboard boxes for moving. On the following graph, use the green line (triangle symbols) to plot the demand curve facing Cardboard Inc. for medium cardboard boxes. Hint: Remember that perfectly competitive firms can sell all their output at the going price. 0n the following graph, use the green line (triangle symbols) to plot the demand curve facing Cardboard Inc. for medium cardboard boxes. Hint: Remember that perfectly competitive firms can sell all their output at the going price. @ 20 A 18 Demand 16 E .c: 14 E .E '3 12 E ._ 3 10 E L\" T; a Q 8 5 n: D. 4 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Thousands of medium boxes) In the following table, fill in the total and marginal revenues that Cardboard Inc. earns for the rst three boxes it sells each day. Total Output Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars per box) (Dollars per box) 0 10 O The demand curve that Cardboard Inc. faces is identical to which of its other curves? Check all that apply. 12 10 PRICE (Dollars per med an 0 'i 2 3 4 5 6 T E 9 1i] QUANTITY (Thousands of medium boxes) In the following table, fill in the total and marginal revenues that Cardboard Inc. earns for the rst three boxes it sells each day. Total Output Price Total Revenue Marginal Revenue Average Revenue (Boxes) (Dollars per box) (Dollars) (Dollars per box) (Dollars per box) 0 10 0 The demand curve that Cardboard Inc. faces is identical to which of its other curves? Check all that apply. [3 Its marginal revenue curve [3 Its total revenue curve [3 Its supply curve C] Its average revenue curve [3 Its marginal cost curve Continue without saving