Jayden's profit is maximized when they produce a total of * an amount cardigans. At this quantity, the marginal cost of the final cardigan they produce is than the price received for each cardigan they sell. At this point, the marginal cost of producing one more , an amount than the price received for each cardigan cardigan (the first cardigan beyond the profit maximizing quantity) is s they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to

Jayden's profit is maximized when they produce a total of * an amount cardigans. At this quantity, the marginal cost of the final cardigan they produce is than the price received for each cardigan they sell. At this point, the marginal cost of producing one more , an amount than the price received for each cardigan cardigan (the first cardigan beyond the profit maximizing quantity) is s they sell. Therefore, Jayden's profit-maximizing quantity occurs at the point of intersection between the curves. Because Jayden is a price taker, the previous condition is equivalent to

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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