Figure 4.46 in Section 4.4 shows the points, q1 and q2, where marginal revenue equals
Chapter 4, Problem 5(choose chapter or problem)
Figure 4.46 in Section 4.4 shows the points, q1 and q2, where marginal revenue equals marginal cost. (a) On the graph of the corresponding total cost and total revenue functions in Figure 4.51, label the points q1 and q2. Using slopes, explain the significance of these points. (b) Explain in terms of profit why one is a local minimum and one is a local maximum. C(q) R(q) q (quantity) $ Figure 4.51
Unfortunately, we don't have that question answered yet. But you can get it answered in just 5 hours by Logging in or Becoming a subscriber.
Becoming a subscriber
Or look for another answer