. Calculate profit for each quantity. How much should the firm produce to maximize profut ? b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at ) At what quantity do these curves cross? How does this relate to
. Calculate profit for each quantity. How much should the firm produce to maximize profut ? b. Calculate marginal revenue and marginal cost for each quantity. Graph them. (Hint: Put the points between whole numbers. For example, the marginal cost between 2 and 3 should be graphed at ) At what quantity do these curves cross? How does this relate to
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
a. Calculate profit for each quantity. How much should the firm produce to maximize profut ?
b. Calculate marginal revenue and marginal cost for each quantity. Graph
them. (Hint: Put the points between whole numbers. For example, the
marginal cost between 2 and 3 should be graphed at ) At what quantity do these
c. Can you tell whether this firm is in a competitive industry? If so, can you
tell whether the industry is in a long-run equilibrium?
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Transcribed Image Text:X 400
Co
Tokal cart
Tolal
Rovenue
8.
10
16
131
24
13
32
19
40
48
27
37
LEGO
3456et
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