Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Suppose that YouYeet is one of over a dozen competitive firms in the Oviedo area that offers moving truck rentals.
Based on the preceding graph showing the weekly market demand and supply curves, the price YouYeet must take as given is
.
Fill in the price and the total, marginal, and average revenue YouYeet earns when it rents 0, 1, 2, or 3 trucks during move-in week.
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Quantity
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Price
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Total Revenue
|
Marginal Revenue
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Average Revenue
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|---|---|---|---|---|
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(Trucks)
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(Dollars per truck)
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(Dollars)
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(Dollars)
|
(Dollars per truck)
|
| 0 |
|
0 | – | |
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| 1 |
|
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| 2 |
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| 3 |
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The demand curve faced by YouYeet is identical to which of its other curves? Check all that apply.
Supply curve
Marginal revenue curve
Average revenue curve
Marginal cost curve
Transcribed Image Text:PRICE (Dollars per medium truck)
200
180
160
140
120
100
80
60
40
20
0
0
Demand
1
2 3
4
5
7 8
QUANTITY (Hundreds of medium trucks)
6
Supply
9
10
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