Quantity Fixed Cost Variable Cost Total Cost Marginal Cost 10 200 50 250 0 20 200 100 300 5 30 200 300 500 20 40 200 800 1000 X Based on the table above for a perfectly competitive firm: A) Find the marginal cost as X B) If the equilibrium price is $20, find the profit maximizing quantity. C) How much profit will the firm earn?
Quantity Fixed Cost Variable Cost Total Cost Marginal Cost 10 200 50 250 0 20 200 100 300 5 30 200 300 500 20 40 200 800 1000 X Based on the table above for a perfectly competitive firm: A) Find the marginal cost as X B) If the equilibrium price is $20, find the profit maximizing quantity. C) How much profit will the firm earn?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
| Quantity | Fixed Cost | Variable Cost | Total Cost | Marginal Cost |
| 10 | 200 | 50 | 250 | 0 |
| 20 | 200 | 100 | 300 | 5 |
| 30 | 200 | 300 | 500 | 20 |
| 40 | 200 | 800 | 1000 | X |
Based on the table above for a
A) Find the marginal cost as X
B) If the
C) How much profit will the firm earn?
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