1 in the graph space belowa label the axes for the short, Ask an Expert

Economics

1. In the graph space below:

a. Label the axes for the short run average cost and output framework.

b. Draw the AVC, ATC and MC curves assuming that marginal returns initially increase before Diminishing Marginal Returns set in:

541_Draw the AVC.png

2. Assuming a single profit maximizing firm in a purely competitive industry, draw the demand and marginal revenue curves at a price level so that the firm is earning $0 economic profits (HINT: The breakeven price level.)

3. Explain why:

a. MR = MC

b. P = MC

c. MC = ATC

d. ATC is at its minimum point.

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