Question 13Table 12-3Quantity0123450Total Cost$10.0015.001750Average TotalCost$15.008.757.507.508.00875964Marginal Cost$5.002.505.007.5010.0012:5022 5030 0040 0052.50767 501185.0010 639105.0011.6720.00Mary sells basketballs in a perfectly competitive market Table 123 sunemanzes Mary's ouput per day (O), total cost (TC), average total cost (ATC) and marginal cont (MC)15:0017:50Refer to Table 12-3. What will Mary's output bo and how much profit will he ear if the market price of basketbi $7,507OQ-3, prot- $7.50OQ-0, prot- $10.00OQ-4profit-50O Price and profit cannot be determined from the information given

In perfect competition, there are many firms producing identical goods.

Quantity 0 1 2 3 4 Total Cost $10.00 15.00 17.50 5 0 $15.00 8.75 7.50 7.50 800 875 7 67 50 964 B 85.00 1063 9 105.00 11.67 Mary sells basketballs in a perfectly competitive market Table 123 summarizes Mary's ouput per day ( Q), total cost (TC), average total cost (ATC) and marginal con (AC) 22 50 30 00 Average Total Cost 40.00 52.50 Marginal Cost $5.00 250 5.00 7.50 10.00 12.50 15:00 17:50 20.00 Refer to Table 12-3. What will Mary's output bo and how much profit will he earn if the market price of basketb $7.507 O9-3, proft $7.50 O 0-0, proft $10.00 OQ-4profit 50 Phoe and profit cannot be determined from the information given

Quantity 0 1 2 3 4 Total Cost $10.00 15.00 17.50 5 0 $15.00 8.75 7.50 7.50 800 875 7 67 50 964 B 85.00 1063 9 105.00 11.67 Mary sells basketballs in a perfectly competitive market Table 123 summarizes Mary's ouput per day ( Q), total cost (TC), average total cost (ATC) and marginal con (AC) 22 50 30 00 Average Total Cost 40.00 52.50 Marginal Cost $5.00 250 5.00 7.50 10.00 12.50 15:00 17:50 20.00 Refer to Table 12-3. What will Mary's output bo and how much profit will he earn if the market price of basketb $7.507 O9-3, proft $7.50 O 0-0, proft $10.00 OQ-4profit 50 Phoe and profit cannot be determined from the information given

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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