A store sells good A. The market price of good A is $40. It has the following cost and output structure. Assume the market for good A is perfectly competitive. Use the given information to answer the following: Total Output cost O $50 1 80 2 100 3 120 4 145 5 175 6 210 7 255 8 335 a) How much is the MR? Answer: MR = $_ b) Find the MC when Q = 1 Answer: MC = $ c)Find the profit-maximizing output. d) Find the maximized profit. Answer: The maximized profit= $ LO

A store sells good A. The market price of good A is $40. It has the following cost and output structure. Assume the market for good A is perfectly competitive. Use the given information to answer the following: Total Output cost O $50 1 80 2 100 3 120 4 145 5 175 6 210 7 255 8 335 a) How much is the MR? Answer: MR = $_ b) Find the MC when Q = 1 Answer: MC = $ c)Find the profit-maximizing output. d) Find the maximized profit. Answer: The maximized profit= $ LO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer options: 0, 5, 7, 10, 15, 20, 25, Other