Janis is one producer in the perfectly competitive pearl industry. Janis's cost curves are shown on the
Question:
a. Find the area on the graph that illustrates the total revenue from selling 1,000 units at $100 each.
b. Find the area on the graph that indicates the variable cost of producing those 1,000 units.
c. Find the area on the graph that indicates the fixed cost of producing those 1,000 units.
d. Add together the two areas you found in (b) and (c) to show the total cost of producing those 1,000 units.
e. Subtract the total cost of producing those 1,000 units from the total revenue from selling those units to determine the firm's profit. Show the profit as an area on the graph.
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Step by Step Answer:
a The rectangle ADGH represents the total revenue when selling 1000 units at 100 each ...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-1464187025
2nd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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