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PLEASE ANSWER THIS QUESTION CORRECTLY!! AND WRITING MUST BE CLEAR TO READ!! THANKS!! AND LIST ALL THE COORDINATES

POINTS FOR ALL GRAPHS PLEASE!!

Suppose Janet runs a small business that manufactures shirts. Assume that the market for shirts is a price-taker market, and the market price is $10 per shirt. The following graph shows Janets total cost curve. 0 Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven shirts that Janet produces, including zero shirts. 125 Total Cost Total Revenue O 75 Profit ш50 Z 25 QUANTITY (Shirts)

Calculate Janets marginal revenue and arinal cost for the first seven shirts she produces, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost. 2 8 Marginal Revenue 20 Marginal Cost 15 8 QUANTITY (Shirts)

Janets profit is maximized when she produces3 shirts. When she does this, the marginal cost of the previous shirt she produces is SO which is less ▼ than the price Janet receives for each shirt she sells. The marginal cost of producing an additional shirt that is one more shirt than would maximize her profit) is $20 , which is greater ▼ than the price Janet receives for each shirt she sells. Therefore, Janets profit maximizing quantity corresponds to the intersection of the marginal cost and marginal revenue ▼ curves. Because Janet is a price taker, this last condition can also be written asP MC $0,

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Answer #1

Calculate profit using the formula Profit = TR-Te as below: TC 10 20 20 30 50 0 10 20 30 40 50 Profit = TR-TC -10 -10 0 0 -10

Calculate MR and MC as below: TC 10 20 20 30 50 0 10 20 30 0 10 0 10 20 10 20 20 10 10 10 10 10 10 10 4 50 80 100 70 The graphical representation of the same is below: MR-MC 25 20 15 10 0 4 6 0

3 units MC (Q-2) 0 3. Less than 4. MC (0-4) $20 5. Greater than 5. Marginal revenue and Marginal cost curves 6. P-MC-MR

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