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 $□
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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