Y6

A firm in a monopolistically competitive environment discovers that in the long run it faces inverse Graph One demand: P = 14 - 0.50Q. 14- which means its marginal revenue is: 12- P = 14 - 1.000. 10- The firm's marginal cost is constant at MC = $6. Sketch these three curves on a graph. Price ($) B- On Graph One 1.) Using the line drawing fool, draw the inverse demand curve on the graph. Label your curve 'D' 2.) Using the line drawing fool, draw the marginal revenue curve on the graph. Label your curve "MR" 3.) Using the line drawing tool, draw the marginal cost curve on the graph. Label your curve 'MC. 12 16 20 24 28 32 Carefully follow the instructions above and only draw the required objects. Quantity (0)