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Draw a graph of the individual producer's profit-maximization problem in the bagged salad market. One third-point each for: 1. Drawing MC and AC in appropriate
Draw a graph of the individual producer's profit-maximization problem in the bagged salad market. One third-point each for:
1. Drawing MC and AC in appropriate shapes 2. Making MC and AC intersect in the correct way 3. Drawing the Price / Demand line correctly (hint: should it be above where MC meets AC, at where MC meets AC, or below where MC meets AC?) 4. Showing the profit-maximizing quantity 5. Showing the average cost at that quantity 6. Properly shading in the profit (make sure the parts you want to be profit are fully shaded in)
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