EXAMPLE: Paulo's Ping Pong Balls Is a firm that operates in a competitive market. The ping pong balls sell for $3 per package. Fill in the following table and determine the profit-maximizing level of output:

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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EXAMPLE:
Paulo's Ping Pong Balls is a firm that operates in a competitive market. The ping pong balls selI for $3 per package. Fill In the following
table and determine the profit-maximizing level of output:
Total
Cost
Marginal
Revenue
Marginal
Cost
Price
Total
Revenue
Output
Profit
$3
$1.50
1
3
2.00
3
3.00
3
3
4.50
4
6.50
3
9.00
6.
3
12.00
7.
15.50
19.50
6.
24.00
Transcribed Image Text:EXAMPLE: Paulo's Ping Pong Balls is a firm that operates in a competitive market. The ping pong balls selI for $3 per package. Fill In the following table and determine the profit-maximizing level of output: Total Cost Marginal Revenue Marginal Cost Price Total Revenue Output Profit $3 $1.50 1 3 2.00 3 3.00 3 3 4.50 4 6.50 3 9.00 6. 3 12.00 7. 15.50 19.50 6. 24.00
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