4. Profit maximization using total cost and total revenue curves Suppose Lucia runs a small business that manufactures f

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4 Profit Maximization Using Total Cost And Total Revenue Curves Suppose Lucia Runs A Small Business That Manufactures F 1 (42.62 KiB) Viewed 17 times

4. Profit maximization using total cost and total revenue curves Suppose Lucia runs a small business that manufactures frying pans. Assume that the market for frying pans is a price-taker market, and the market price is $10 per frying pan. The following graph shows Lucia's total cost curve. Use the blue points (circle symbol) to plot total revenue, and the green points (triangle symbol) to plot profit for the first seven frying pans that Lucia produces, including zero frying pans. TOTAL COST AND REVENUE (Dollars) 125 100 75 255 ☐ ■ ■ ▬ ■ ■ Total Cost o Total Revenue A Profit ?