Chap006.2 - (100,000s of cans/day) 6 1 1 3 1 6 6 3 2 1 1.5...

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2 Chapter 6: Perfectly Competitive Supply Slide 7 An Individual Supply Curve for Recycling Services Recycled cans (100s of cans/day) Deposit (cents/can) 0 61 0 1 3 1 6 6 3 2 1 1.5 15 Harry’s Supply Curve Chapter 6: Perfectly Competitive Supply Slide 8 The Market Supply Curve for Recycling Services Recycled cans (100s of cans/day) Recycled cans (100s of cans/day) Deposit (cents/can) + Deposit (cents/can) 1 01 31 6 6 3 2 1 0 1.5 15 Harry’s Supply Curve 61 0 1 3 16 6 3 2 1 0 1.5 15 Barry’s Supply Curve Chapter 6: Perfectly Competitive Supply Slide 9 Recycled cans Deposit (cents/can) 12 20 26 32 6 3 2 1 0 1.5 30 = The Market Supply Curve for Recycling Services Market Supply Curve Chapter 6: Perfectly Competitive Supply Slide 10 The Market Supply Curve with 1,000 Identical Sellers
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Unformatted text preview: (100,000s of cans/day) 6 1 1 3 1 6 6 3 2 1 1.5 15 Market Supply Curve Chapter 6: Perfectly Competitive Supply Slide 11 Thinking About Supply: The Importance of Opportunity Cost Why is the supply curve upward sloping? Chapter 6: Perfectly Competitive Supply Slide 12 Profit-Maximizing Firms in Perfectly Competitive Markets Profit z Total Revenue - All Costs (explicit & implicit) Profit-Maximizing Firms z Goal of the firm is to maximize the difference between total revenues and total costs....
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