ECON 1011 Lecture Notes - Lecture 23: Marginal Revenue, Cost Curve, Demand Curve
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ECON 1011 Full Course Notes
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Perfect competition and monopoly 2: price, average and marginal revenue for the monopolist, normally, in a competitive firm, the demanded price is equal to the. Marginal revenue being equal to price: however, monopolists succeed when price is greater than marginal. Marginal revenue at the quantity that maximizes profit: profit and revenue are determined like so, find where the marginal cost curve intersects the marginal. Revenue: to find the profit maximizing quantity, find where the mc curve intersects the mr curve, and draw a line downwards towards the. Quantity axis: also, draw that same line upwards until it hits the demand curve (note that the demand curve is also the price curve and the average. Revenue curve): draw a line leftwards towards the price axis from where profit. This will indicate the price that the seller will charge: the profit is determined by taking the price, subtracting it from the.