20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve

20 0 0 1 2 3 4 5 8 6 7 QUANTITY (Hundreds of medium trucks) Suppose that SendIt is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. 0 Based on the preceding graph showing the weekly market demand and supply curves, the price SendIt must take as given is $ 1 Fill in the price and the total, marginal, and average revenue Sendit earns when it rents 0, 1, 2, or 3 trucks during move-in week. Price Quantity (Trucks) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) (Dollars per truck) 2 3 9 10 0 Marginal revenue curve Supply curve AAA The demand curve faced by SendIt is identical to which of its other curves? Check all that apply. Average revenue curve Marginal cost curve

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 5PA

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A market in perfect competition is in long-run equilibrium. What happens to the market if labor unions are able to increase wages for workers?
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2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Waco, TX, during Baylor's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 60 50 8 40 30 20 10 0 0 0 Demand 1 1 2 3 2 3 5 6 7 QUANTITY (Hundreds of small trucks) Suppose that You Yeet is one of over a dozen competitive firms in the Waco area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price YouYeet must take as given is $ Fill in the price and the total, marginal, and average revenue YouYeet earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue Average Revenue (Dollars) (Dollars) (Dollars per truck) (Trucks) (Dollars per truck) Supply curve Supply 9 Average revenue curve Marginal cost curve 10 0 Marginal revenue curve The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.
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2. The demand curve facing a competitive firm The following graph illustrates the market for small moving trucks in Flagstaff, AZ, during Northern Arizona's fall move-in week. PRICE (Dollars per small trick) 100 90 70 8 8 8 8 8 8 8 0 0 Demand 1 2 0 1 2 3 QUANTITY (Hundreds of small trucks) Supply Suppose that Zoom be is one of over a dozen competitive firms in the Flagstaff area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is 9 Fill in the price and the total, marginal, and average revenue Zoomba earns when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price (Trucks) (Dollars per truck) Total Revenue Marginal Revenue (Dollars) (Dollars) Average Revenue (Dollars per truck) 10 O Marginal revenue curve O Supply curve O Marginal cost curve Ⓒ Average revenue curve 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply. $10
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