Add a Demand Curve and a Marginal Revenue Curve to this chart based on the above information about Ferrari. Notice that the chart has no numbers since we have no information on costs or profit: there is only a Marginal Cost curve.Using the letters on the Y axis (a thru i) and the letters on the X axis (l thru w), give an approximate price and quantity relating to the lines which you placed on the chart (for example, the letter r on the X axis equals so-many units and the letter d on the Y axis equals so-many dollars). As an economist, comment of Ferrari's choice of price and quantity to produce, making sure you mention Elasticity, Competitive Monopoly, Demand and Marginal Revenue. I am looking for a thorough and detailed answer based on what we have been working on in class.

Question 2 (8 points out of 20) Ferrari cars are extremely expensive (about $350,000), but the company can sell every car it produces even at those prices. Ferrari has made a decision not to produce more than about 8,500 cars per year. They say this is because they want to maintain their very high quality standards. Add a Demand Curve and a Marginal Revenue Curve to this chart based on the above information about Ferrari. Notice that the chart has no numbers since we have no information on costs or profit: there is only a Marginal Cost curve. -+ P 9 VV MO Demand- MR If you have a pen stylus, just draw the lines and write in some numbers. If not, here are two lines you can move onto the chart. Using the letters on the Y axis (a thru i) and the letters on the X axis (1 thru w), give an approximate price and quantity relating to the lines which you placed on the chart (for example, the letter r on the X axis equals so-many units and the letter d on the Y axis equals so-many dollars). As an economist, comment of Ferrari's choice of price and quantity to produce, making sure you mention Elasticity, Competitive Monopoly, Demand and Marginal Revenue. I am looking for a thorough and detailed answer based on what we have been working on in class. Type your answer and explanation here:Question 2 (8 points out of 20) Ferrari cars are extremely expensive (about $350,000), but the company can sell every car it produces even at those prices. Ferrari has made a decision not to produce more than about 8,500 cars per year. They say this is because they want to maintain their very high quality standards. Add a Demand Curve and a Marginal Revenue Curve to this chart based on the above information about Ferrari. Notice that the chart has no numbers since we have no information on costs or profit: there is only a Marginal Cost curve. -+ P 9 VV MO Demand- MR If you have a pen stylus, just draw the lines and write in some numbers. If not, here are two lines you can move onto the chart. Using the letters on the Y axis (a thru i) and the letters on the X axis (1 thru w), give an approximate price and quantity relating to the lines which you placed on the chart (for example, the letter r on the X axis equals so-many units and the letter d on the Y axis equals so-many dollars). As an economist, comment of Ferrari's choice of price and quantity to produce, making sure you mention Elasticity, Competitive Monopoly, Demand and Marginal Revenue. I am looking for a thorough and detailed answer based on what we have been working on in class. Type your answer and explanation here