Pat's Pizza Kitchen has the following total cost schedule. Output (pizzas per hour) Total cost (dollars per hour) 0 10 1 2 21 30 41 54 69 Use the data to draw Pat's supply curve. Pat's is a price taker. Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza. Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza. Draw Pat's supply curve: Label the part at which Pat supplies zero pizza S and label the part at which Pat's supplies some pizza S₁. 16- 14- 12- 10- 8- 6- 4- 2 0- ° Price (dollars per pizza) Output (pizzas per hour) >>> Draw only the objects specified in the question.
Pat's Pizza Kitchen has the following total cost schedule. Output (pizzas per hour) Total cost (dollars per hour) 0 10 1 2 21 30 41 54 69 Use the data to draw Pat's supply curve. Pat's is a price taker. Draw a point to show the quantity of pizza supplied when the market price equals minimum average variable cost and Pat's continues to produce pizza. Draw a point to show the quantity of pizza supplied when the market price is $14 a pizza. Draw Pat's supply curve: Label the part at which Pat supplies zero pizza S and label the part at which Pat's supplies some pizza S₁. 16- 14- 12- 10- 8- 6- 4- 2 0- ° Price (dollars per pizza) Output (pizzas per hour) >>> Draw only the objects specified in the question.
Chapter11: Profit Maximization
Section: Chapter Questions
Problem 11.1P
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