Tabletop is one of more than hundred competitive firms in Denver that produce sm

Question

Tabletop is one of more than hundred competitive firms in Denver that produce small cardboard boxes for moving the following graph shows daily market demand and supply curves (-Please complete 100% of the questions below neatly and exact including graph-) lenovo Perfect Competition Oue Thursday 12.14.17 at 1145 PM Attempts: Average: 3 2. The demand curve fecing a competitive firm on-ofmore than a~nded competine finns Denver that produce smal carboard bases for moving. The rolowing raph shows the daly tlero is market demand and supply curves 13

Explanation / Answer

The demand curve as we can see from the above table is equal to the average revenue curve, where average revenue is given by total revenue dived by the quantity demanded.

Quantity Price Total revenue Marginal revenue Average revenue 0 10 0 - 0 1 9 9 9 9 2 8 16 7 8 3 7 21 5 7

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