Question 1 Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier's cost. Quantity Marginal Cost Price $1,700 1,500 1,400 1,300 1,200 1,100 1,000 900 0 380 1 2 390 410 430 5 460 6 500 7 550 610 800 8 700 9 770 790 600 10 A. Determine the supplier's profit-maximizing output quantity. Explain your answer B. At what price should the supplier charge to maximize its profit? Explain your answer C. Suppose at the profit-maximizing output quantity you have determined in part A the average variable cost is $428.33 and the average total cost is $628.33. Calculate the total profit at the profit-maximizing output quantity

Question 1 Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier's cost. Quantity Marginal Cost Price $1,700 1,500 1,400 1,300 1,200 1,100 1,000 900 0 380 1 2 390 410 430 5 460 6 500 7 550 610 800 8 700 9 770 790 600 10 A. Determine the supplier's profit-maximizing output quantity. Explain your answer B. At what price should the supplier charge to maximize its profit? Explain your answer C. Suppose at the profit-maximizing output quantity you have determined in part A the average variable cost is $428.33 and the average total cost is $628.33. Calculate the total profit at the profit-maximizing output quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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