Please give me correct answers and draw carefully Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The following graph shows the average and marginal cost curves for Kandi Keynes, a perfectly competitive firm.Price/costs6054484236302418126002 4 6 810 12 14 16 18 20 22 24 26 28 30 32Output per periodresetATCMR1AVCMCMR2MR3a. If the price is $36, draw in the marginal revenue curve, and label it MR1. Plot only the end points on the graph above.b. At this price, what are the break-even output(s), the profit-maximizing output, and the level of total profits at that output?Break-even output(s):andprofit-maximizing output: |for a total profit of $c. Draw a marginal revenue curve, labelled MR2, which ensures that, at best, the firm breaks even. Plot only the end points on thegraph above.

Average total cost refers to the approximate total cost of production at different levels of…

Answered: The following graph shows the average…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 4PA

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Please give me correct answers and draw carefully Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

The following graph shows the average and marginal cost curves for Kandi Keynes, a perfectly competitive firm.
Price/costs
60
54
48
42
36
30
24
18
12
6
0
02 4 6 8
10 12 14 16 18 20 22 24 26 28 30 32
Output per period
reset
ATC
MR1
AVC
MC
MR2
MR3
a. If the price is $36, draw in the marginal revenue curve, and label it MR1. Plot only the end points on the graph above.
b. At this price, what are the break-even output(s), the profit-maximizing output, and the level of total profits at that output?
Break-even output(s):
and
profit-maximizing output: |
for a total profit of $
c. Draw a marginal revenue curve, labelled MR2, which ensures that, at best, the firm breaks even. Plot only the end points on the
graph above.

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