Question

In: Economics

Construct two graphs lined up one on top of the other. the upper graph should reflect...

Construct two graphs lined up one on top of the other.

the upper graph should reflect a total cost curve and the bottom graph should reflect the average cost curve and the marginal cost curve.

Add a total revenue curve to the upper graph and a marginal revenue curve to the lower graph such that the firm is not making a profit or suffering a loss.

Solutions

Expert Solution

Since the price is equal to average cost,the firm is neither making profit nor loss.

Equilibrium is determined according to MR=MC.

Rahul Sunny answered 2 years ago
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