Suppose that the market for sweatersis perfectly competitive. The graph below sh

Question

Suppose that the market for sweatersis perfectly competitive. The graph below shows the cost curves ofa typical manufacturer in the market.

Use the blue rectangle (circle symbols) to shade the profit thatthe manufacturer makes at a market price of $16.
Suppose that the market for sweatersis perfectly competitive. The graph below shows the cost curves ofa typical manufacturer in the market. Use the blue rectangle (circle symbols) to shade the profit thatthe manufacturer makes at a market price of $16.

Explanation / Answer

Try, profit will be somewhere betwen 16 and 12 and 4 and 6 on the x and y axis. Note also, on the graph above ATC and AVC, but below marginal revenue.

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