Draw a diagram like that in Figure 6.21. Now illustrate the effect of a rise in demand
Question:
Draw a diagram like that in Figure 6.21. Now illustrate the effect of a rise in demand for the product. Mark the new profit-maximising price and output. Will the profit-maximising output, price, average cost and profit necessarily be higher than before?
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The rise in demand is illustrated by a shift in the average revenue curve from AR 1 to AR 2 Profit i...View the full answer
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