All of the following are mistakes that students should avoid when submitting
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The attached graph shows the required curves to be drawn. One of the curves is called the Marginal Revenue Curve.
<h3>What is a marginal revenue curve?</h3>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.
The function shown in the graph in the image attached below is .
<u>Given the following data:</u>
- Points on the x-axis = (0, 4)
- Points on the y-axis = (0, 4)
First of all, we would determine the slope of this line by using the following formula;
Substituting the points into the formula, we have;
Slope, m = 1
Next, we would find the intercept:
Let x = 0, for the y-intercept.
b = 4
Therefore, the function shown in the graph in the image attached below is
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The information which can be deduced from this graph on green tea are:
B. Green tea is inelastic in terms of supply.
E. The supply of green tea does not change sharply with the price.
<h3>What is supply?</h3>Supply can be defined as the total quantity of goods or services that are demanded by consumers at a given period of time.
<h3>The types of supply.</h3>In Economics, there are two main types of supply and these include:
- Elastic supply
- Inelastic supply
Inelastic supply is a situation that occurs when the quantity of goods or services that the producers are willing to produce, doesn't change as the price of goods or services increases.
Read more on supply here: brainly.com/question/11898489
