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Suppose Eileen runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10

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Suppose Eileen runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Eileen's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Eileen produces, including zero shirts. Total Cost Total Revenue Profit TOTAL COST AND REVENUE (Dollars) 0 1 2 6 7 8 3 4 5 QUANTITY (Shirts) Calculate Eileen's marginal revenue and marginal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 30 + Marginal Revenue Marginal Cost

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