1) For the following firm in a competitive market, COSTS Quantity Produced Total Cost Marginal Cost REVENUES Quantity Demanded Total Marginal Revenue Price Revenue $O |$50 $102 $157 $217 $285 $365 |$465 |$585 $80 $80 $80 $80 $80 $80 1 1 2 3 3 |4 5 $80 $80 $80 6. 7 8 7 8. a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14 for competitive firms, what is the profit maximizing output? Explain how you found your answer. 2) For the following firm in a competitive market, a) What is the profit maximizing quantity (approximately) when the market price is 8? How did you find it? b) What will this firm do if the price falls to $5 in short run and long run? 1Price 13 12 11 10 MC 9 + ATC 8 AVC

1) For the following firm in a competitive market, COSTS Quantity Produced Total Cost Marginal Cost REVENUES Quantity Demanded Total Marginal Revenue Price Revenue $O |$50 $102 $157 $217 $285 $365 |$465 |$585 $80 $80 $80 $80 $80 $80 1 1 2 3 3 |4 5 $80 $80 $80 6. 7 8 7 8. a) Fill the column for marginal cost, total revenue and marginal revenue. b) What is interesting about the numbers you find for marginal revenue. c) Based on profit maximization rule that you learned in Chapter 14 for competitive firms, what is the profit maximizing output? Explain how you found your answer. 2) For the following firm in a competitive market, a) What is the profit maximizing quantity (approximately) when the market price is 8? How did you find it? b) What will this firm do if the price falls to $5 in short run and long run? 1Price 13 12 11 10 MC 9 + ATC 8 AVC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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