Draw a Linear Demand Curve,marginal Revenue Curve,marginal Cost Curve,average Total

question 2

Essay

Draw a linear demand curve,marginal revenue curve,marginal cost curve,average total cost curve,and an average variable cost curve for a monopolistically competitive firm earning an economic profit in the short run.Shade in the area of economic profit.

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Definitions:

Representativeness Heuristic

A cognitive shortcut where individuals assess the likelihood of an event based on how closely it resembles their mental stereotypes or categories.

Previously Existing Value

The worth or importance of something that was recognized or established before the current situation.

Framing Error

A mistake made when the context or way in which information is presented leads to incorrect conclusions or decisions.

Positive Or Negative Context

The environment or circumstances that can influence the interpretation or outcome of an action or decision as favorable or unfavorable.