Question

Suppose the profit maximizing output is 160,000 smart rackets

Answer 1

The attached graph shows the required curves to be drawn. One of the curves is called the Marginal Revenue Curve.

What is a marginal revenue curve?

At the market price, the marginal revenue curve is a horizontal line, suggesting completely elastic demand, and it is equal to the demand curve.

Monopoly occurs when one corporation is the exclusive vendor of a distinct product in the market.

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Full Question:

The graph shows the market for smart rackets.

Suppose the​ profit-maximizing output is​ 160,000 smart rackets.

Draw the​ firm's marginal revenue curve. Label it MR.

Draw the​ firm's marginal cost curve. Label it MC.

Draw a point at the​ profit-maximizing output and price.

Draw a shape to show the​ firm's economic profit. Label it.