Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
How would I answer this question? I am taking an online course and it is unclear on how to properly graph it. Any help would be great.
Background Information: Suppose the market price of beef in March 2011 is 66 cents per pound. At this price, how many pounds of beef should Joe offer to the market?
If he produces 1,000 pounds (point A), his marginal cost is 45 cents. However, his marginal revenue is 66 cents. If you ran a business, and at your current price, the marginal revenue you were earning was greater than the marginal cost, what would you do? You really have only one rational choice, and that is to expand output.
You will need to include both an industry (total market) and a firm (individual business) graph for each question. On the firm graphs, you will need to illustrate demand (d), marginal revenue (MR), marginal cost (MC), average variable cost (AVC), and average total cost (ATC). When you don’t have exact data for a curve, you can still create the curve in relationship to the other curves on the graph. Use the graphs from the Perfect Competition Model: Short Run Equilibrium and Perfect Competition Model: Long Run Equilibrium lessons to help you construct the shapes and intersections/shifts of your graphs.
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