Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning. y 35,000 a 30,000 25,000 b. 20,000 15,000 10,000 5,000 d 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Graph a is the cost X function. number of units sold decreases as the price increases Graph b is the revenue X function. This function increases linearly with the number of units produced. Graph c is the demand X and graph d is the revenue cost X function is less than a cost X function.
Match each graph with the function it best represents-a demand function, a revenue function, a cost function, or a profit function. Explain your reasoning. y 35,000 a 30,000 25,000 b. 20,000 15,000 10,000 5,000 d 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Graph a is the cost X function. number of units sold decreases as the price increases Graph b is the revenue X function. This function increases linearly with the number of units produced. Graph c is the demand X and graph d is the revenue cost X function is less than a cost X function.
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter11: Price And Output Determination: Monopoly And Dominant Firms
Section: Chapter Questions
Problem 3E
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