Graph on the left shows total revenue and total cost in dollars per hour on the vertical axis, ranging from 0 to 50 in increment of 10. The horizontal axis shows quantity in haircuts per hour, ranging from 0 to 6 in increment of 1. The graph shows two curves. A curve labeled as TR starts at (0, 0) and moves on a steep upward slope. Another curve labeled as TC starts approximately at y=12, and moves on an upward slope, intersecting the TR curve at two points. A gap is created between the two curves in between these intersections. Two points are marked on the TR and TC curves at coordinates (3, 42) and (3, 30) respectively. The distance between the two curves at these points is labeled as “economic profit = 12 dollars”.
The graph on the right plots ...
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