Question
The following is a question for an AP microeconomics assignment. It asks a question regarding data from a table, which I already completed and attached.
The following is a question for an AP microeconomics assignment. It asks a question regarding data from a table, which I already completed and attached.
"Draw a graph for Elmer's wheat farm showing the marginal cost, average total cost, demand, marginal revenue, and average revenue. Indicate the level of profit where profit is maximized, shade in the area of maximum profit, give the amount of maximum profit, and explain how this number is calculated. (6 points)"
I'm not exactly sure what the question is asking. Drawing the curves is simple enough, but how does max profit have a range? I am not sure where to shade.
Thanks.
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