1st Blank: ( Greater, Less) 2nd Blank: (Greater,Less) 3rd Blank: (total cost and

Question

1st Blank: ( Greater, Less)

2nd Blank: (Greater,Less)

3rd Blank: (total cost and profit / marginal cost and marginal revenue / total cost and total revenue / total revenue and profit / marginal cost and total revenue / total cost and marginal revenue.)

4th Blank: (Profit= MR-MC / P=MC / Profit=TR-TC / MC=TR / TC=TR)

4. Profit maximization using total cost and total revenue curves Suppose Van 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 Van's total cost curve 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 Van produces, including zero shirts Total Cost Total Revenue 75 Profit Z 25 QUANTITY (Shirts)

Explanation / Answer

1st Blank: ( Less)

2nd Blank: (Greater)

3rd Blank: ( marginal cost and marginal revenue.)

4th Blank: ( P=MC )

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