If this is a perfectly competitive market and the market price is $12.50; use the cost information below to determine what is the profit maximizing output? Output Total Fixed Variable Per Day Cost Cost Cost Average Total Cost Average Variable Cost Marginal Cost 0 $15.00 $15.00 $0 1 25.50 15.00 10.50 $25.50 $10.50 10.50 2 28.50 15.00 13.50 14.25 6.75 3.00 3 33.50 15.00 18.50 11.17 6.17 5.00 4 41.00 15.00 26.00 10.25 6.50 7.50 5 51.50 15.00 36.50 10.30 7.30 10.50 6 64.00 15.00 49.00 10.67 8.17 12.50 7 80.50 15.00 65.50 11.50 9.36 16.50 8 101.50 15.00 86.50 12.69 10.81 21.00 9 127.50 15.00 112.50 14.17 12.50 26.00 O a 9 O b. 6 O c. 3 O d. 5 O e. 7 O f. 2 O g. 8 Oh. 4 Oi 1 Oj 0

If this is a perfectly competitive market and the market price is $12.50; use the cost information below to determine what is the profit maximizing output? Output Total Fixed Variable Per Day Cost Cost Cost Average Total Cost Average Variable Cost Marginal Cost 0 $15.00 $15.00 $0 1 25.50 15.00 10.50 $25.50 $10.50 10.50 2 28.50 15.00 13.50 14.25 6.75 3.00 3 33.50 15.00 18.50 11.17 6.17 5.00 4 41.00 15.00 26.00 10.25 6.50 7.50 5 51.50 15.00 36.50 10.30 7.30 10.50 6 64.00 15.00 49.00 10.67 8.17 12.50 7 80.50 15.00 65.50 11.50 9.36 16.50 8 101.50 15.00 86.50 12.69 10.81 21.00 9 127.50 15.00 112.50 14.17 12.50 26.00 O a 9 O b. 6 O c. 3 O d. 5 O e. 7 O f. 2 O g. 8 Oh. 4 Oi 1 Oj 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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