Homework Help is Here – Start Your Trial Now!
Business
Economics
out Inc. sells trout in a perfectly competitive market. Trout Inc. is able to sell trout for $400 per unit. In this market, there are 2,000 firms competing with one another. Last year, Trout Inc. was able to earn an economic profit of $1,000,000. The firm has purchased a permit to fish this season, insurance in case one of their workers gets hurt on the job, and a boat. Together, these items represent all of the firm's fixed costs and sum to $100,000. Last year, Trout Inc.'s total revenue was $1,300,000. What is the marginal revenue per unit for this firm? Number $□

out Inc. sells trout in a perfectly competitive market. Trout Inc. is able to sell trout for $400 per unit. In this market, there are 2,000 firms competing with one another. Last year, Trout Inc. was able to earn an economic profit of $1,000,000. The firm has purchased a permit to fish this season, insurance in case one of their workers gets hurt on the job, and a boat. Together, these items represent all of the firm's fixed costs and sum to $100,000. Last year, Trout Inc.'s total revenue was $1,300,000. What is the marginal revenue per unit for this firm? Number $□

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter11: Monopoly And Antitrust Policy
Section: Chapter Questions
Problem 28CTQ: What would be evidence of serious competition between firms in an industry? Can you identify two...
See similar textbooks
icon
Related questions
Question

Don't use Ai.

Answer in step by step with explanation.

out Inc. sells trout in a perfectly competitive market. Trout Inc. is able to sell trout for $400 per unit. In this market, there are 2,000 firms competing with one another. Last year, Trout Inc. was able to earn an economic profit of $1,000,000. The firm has purchased a permit to fish this season, insurance in case one of their workers gets hurt on the job, and a boat. Together, these items represent all of the firm's fixed costs and sum to $100,000. Last year, Trout Inc.'s total revenue was $1,300,000. What is the marginal revenue per unit for this firm? Number $□
Transcribed Image Text:out Inc. sells trout in a perfectly competitive market. Trout Inc. is able to sell trout for $400 per unit. In this market, there are 2,000 firms competing with one another. Last year, Trout Inc. was able to earn an economic profit of $1,000,000. The firm has purchased a permit to fish this season, insurance in case one of their workers gets hurt on the job, and a boat. Together, these items represent all of the firm's fixed costs and sum to $100,000. Last year, Trout Inc.'s total revenue was $1,300,000. What is the marginal revenue per unit for this firm? Number $□
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS