Step 1: Select a product. It can be real or made up. Give your good or service a name and a price in U.S. dollars. Identify the market type for your product (pure/perfect competition, monopolistic competition, oligopoly, monopoly).Product Name: English Horseback Riding SaddlePrice: $5,000Market Type: monopolistic competitionStep 2: Draw a marginal analysis graph. Title it the market for the product you chose. Label the axes, the marginal cost curve (MC), the marginal revenue curve (MR), and the profit-maximizing quantity (Qpm). You do not need to use real numbers. Take a look at p. 2 of the lesson. There is an example of what your graph should look like. The slideshow at the top of the page will walk you through how to make your graph.You may hand-draw your graph and then insert the image below or attach the photo to the assignment separately
