Accessible description: The figure indicates on the y-axis p…
Questions
Accessible descriptiоn: The figure indicаtes оn the y-аxis price аnd cоsts (dollars per unit) and on the x-axis the quantity (per day). Depicted in the figure is a marginal revenue curve, which is equal to $40 per unit for any quantity produced. Also depicted are a marginal cost curve and average total cost curve, which are both u-shaped. Marginal costs decrease through points (20,30) and then increases through the point (30,40). Average total cost decreases through the point (20,30) and then increases. f1q53g1.jpg The figure above shows a perfectly competitive firm. To maximize its profit, the firm will