Question

r Student Question zkquiz probGuid 04PLOOA80101000000342035 70070000&ctx=/henzel-005 t &ck : m·1520894791 982,0AAA68040160EB8A22889ABOOOOOdattenot 4. Total cost, average cost, and marginal cost in the short run srnaH business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $25 Suppose Teresa runs per shirt. The following graph shows Teresa's total oost curve Use the blue points (circle symbol) to plot total revenue, and the green pownts triarigle symbol) to plot proht for the first seven shrts haeresa produces, including zero shirts TolaRevene Proft Calculate Teresa's marginal revenue and marginal cost for the first seven stirts she preduces, and pice them on the following graph. Use the bie points (oircle symbol) to plot marginal revenue ang the orange points (square symbol) to piot marginal cost 臼

Answer 1

Price Quantity TR MR Profit TR - TC 20 15 C) 20 35 45 50 45 TC 20 섹) 50 C) C) 20 50 75 100 12 150 175 2 10 25 25 25 25 25 25 65 a) 100 130 10 15 20 7

150 T Total Cost Total Revenue 75 Profit Y 50 25 -50 QUANTITY (Shirts)

30 t 25 Marginal Revenue 20 Marginal Cost 15 O 10 0 1 23456 QUANTITY (Shirts)

a) 6 shirts

b) 15; less

c) 30; greater

d) Marginal revenue and marginal cost

e) P = MC