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raphing Exercise. Quantity Price Total Revenue Marginal Revenue Total Cost Average Total Cost Marginal Cost Profit or Loss 0 $200 1 $2,500 $500 2 $2,300
raphing Exercise.
Quantity | Price | Total Revenue | Marginal Revenue | Total Cost | Average Total Cost | Marginal Cost | Profit or Loss |
0 | $200 | ||||||
1 | $2,500 | $500 | |||||
2 | $2,300 | $700 | |||||
3 | $2,100 | $1,100 | |||||
4 | $1,900 | $1,700 | |||||
5 | $1,700 | $2,600 | |||||
6 | $1,500 | $3,800 | |||||
7 | $1,300 | $5,400 | |||||
8 | $1,100 | $7,400 |
- Complete the table above.
- Graph the Demand Curve, MR Curve, ATC curve, and MC Curve. (your graph should look like figure 8.6)
- Use the three-step process to show the profit maximizing level of output and price on your graph.
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