2. The demand curve facing a competitive firmThe following graph shows the daily market for small cardboard boxes in Houston.10DemandSupply712345 6710QUANTITY (Millions of small boxes)Suppose that Vesoro is one of more than a hundred competitive firms in Houston that produce such cardboard boxes.Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is SPRICE (Dollars per small box)2. Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day.Marginal Revenue(Dollars)Average Revenue(Dollars per box)QuantityPriceTotal Revenue(Вохes)(Dollars per box) (Dollars)23The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply.O Marginal revenue curveMarginal cost curveAverage revenue curveO Supply curve

Demand refers to the consumer wish to purchase at a given price in a given period of time. supply…

Suppose that Vesoro is one of more than a hundred competitive firms in Houston that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is 5

Suppose that Vesoro is one of more than a hundred competitive firms in Houston that produce such cardboard boxes. Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is 5

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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Question

2. The demand curve facing a competitive firm
The following graph shows the daily market for small cardboard boxes in Houston.
10
Demand
Supply
7
1
2
3
4
5 6
7
10
QUANTITY (Millions of small boxes)
Suppose that Vesoro is one of more than a hundred competitive firms in Houston that produce such cardboard boxes.
Based on the preceding graph showing the daily market demand and supply curves, the price Vesoro must take as given is S
PRICE (Dollars per small box)
2.

Fill in the price and the total, marginal, and average revenue Vesoro earns when it produces 0, 1, 2, or 3 boxes each day.
Marginal Revenue
(Dollars)
Average Revenue
(Dollars per box)
Quantity
Price
Total Revenue
(Вохes)
(Dollars per box) (Dollars)
2
3
The demand curve that Vesoro faces is identical to which of its other curves? Check all that apply.
O Marginal revenue curve
Marginal cost curve
Average revenue curve
O Supply curve

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