raspberries and sells them frozen for $4 per pack. Sales of one pack of raspberries will bring in $4, two packs

will be $8, three packs will be $12, and so on. If, for example, the price of frozen raspberries doubles to $8 per

pack, then sales of one pack of raspberries will be $8, two packs will be $16, three packs will be $24, and so on.

Table 8.1 shows total revenue and total costs for the raspberry farm; these data also appear in Figure 8.2. The

horizontal axis shows the quantity of frozen raspberries produced in packs. The vertical axis shows both total

revenue and total costs, measured in dollars. The total cost curve intersects with the vertical axis at a value

that shows the level of fixed costs, and then slopes upward. All these cost curves follow the same
190 8 • Perfect Competition

characteristics as the curves that we covered in the Production, Costs and Industry Structure chapter.
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