downward-sloping, if there is a region of increasing marginal returns at low levels of output, but is eventually

upward-sloping at higher levels of output as diminishing marginal returns kick in.

FIGURE 8.4 Supply, Demand, and Equilibrium Price in the Market for Raspberries The equilibrium price of

raspberries is determined through the interaction of market supply and market demand at $4.00.

Quantity Total Cost Marginal Cost Total Revenue Marginal Revenue Profit

0

10

20

30

40

50

60

70

80

90

100

110

120

$62

$90

-

$2.80

$110

$2.00

$126

$1.60

$138

$1.20

$150

$1.20

$165

$1.50

$190

$2.50

$230

$4.00

$296

$6.60

$400

$10.40

$550

$15.00

$715

$16.50

$0

$40

$80

$120

$160

$200

$240

$280

$320

$360

$400

$440

$480

$4

$4

$4

$4

$4

$4

$4

$4

$4

$4

$4

$4

$4

-$62

-$50

-$30

-$6

$22

$50

$75

$90

$90

$64

$0

-$110

-$235

TABLE 8.3 Marginal Revenues and Marginal Costs at the Raspberry Farm
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