The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1. Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR₁.

Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section: Chapter Questions
Problem 5AA
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Click on the icon to read the news clip, then complete the
following steps.
The graph shows the market for grain.
Draw a point to show the quantity produced when the price is $4 a
bushel. Label it 1.
e
Suppose the price falls to $2 a bushel. Draw the new marginal
revenue curve. Label it MR₁.
Draw a point to show the quantity produced when the price is $2 a
bushel. Label it 2.
Draw a shape that represents either the economic profit or economic
loss when the price is $2 a bushel. Label it.
Get more help.
F5
***
*
A
6
F6
**
&
7
F7
PrtScn
F8
O
O
Home
F9
8-
7-
6-
5-
4.
3
2
0
1-
0
Price and cost (dollars per bushel)
End
10 20 30 40 50 60 70 80
Quantity of grain (thousands of bushels per year)
>>> Draw only the objects specified in the question.
F10
Clear all
PgUp
F11
MC
PgDn
ATC
F12
MR
Check answer
G
+
Transcribed Image Text:Click on the icon to read the news clip, then complete the following steps. The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1. e Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR₁. Draw a point to show the quantity produced when the price is $2 a bushel. Label it 2. Draw a shape that represents either the economic profit or economic loss when the price is $2 a bushel. Label it. Get more help. F5 *** * A 6 F6 ** & 7 F7 PrtScn F8 O O Home F9 8- 7- 6- 5- 4. 3 2 0 1- 0 Price and cost (dollars per bushel) End 10 20 30 40 50 60 70 80 Quantity of grain (thousands of bushels per year) >>> Draw only the objects specified in the question. F10 Clear all PgUp F11 MC PgDn ATC F12 MR Check answer G +
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