Total revenue is ‘bell shaped’ when demand is downward sloping. So when the demand is horizontal,...
Total revenue is ‘bell shaped’ when demand is downward sloping. So when the demand is horizontal, what shape will the total revenue curve have? Explain and illustrate.
Homework Answers
Total revenue is the revenue which the firm earns by selling its output. It is a product of price and quantity of goods. So, when the demand curve is horizontal that means the firm can sell as much output as they can without affecting the price. In this case, our price is fixed. That means after selling an extra unit of output the total revenue of the firm will increase by the fixed price. Therefore, the total revenue curve will be a straight positively sloped line as we can see in the below diagrams.
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Total revenue is ‘bell shaped’ when demand is downward sloping.
So when the demand is horizontal,...
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What best describes the shape of the ATC curve for the
monopolist?
-Horizontal
-Upward Sloping
-U-shaped
-Downward sloping
It is not not U-shaped. Would it be upward sloping?
Price 53 AR 26.553
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