↑ Question 8 of 8 > This quiz: 8 point(s) possible This question: 1 point(s) possible Submit quiz Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $184 thousand. q C MC 0 400 1 600 200 2 712 112 3 792 80 4 848 56 5 920 72 6 1000 80 7 1088 88 8 1233 145 1418 185 10 1643 225 11 1908 265 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? airplanes. (Enter your response using an integer.) thousand. (Enter your response rounded to two decimal places.) What will be the firm's profit? $ Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.) airplanes. (Enter your response using an integer.)

↑ Question 8 of 8 > This quiz: 8 point(s) possible This question: 1 point(s) possible Submit quiz Suppose a large corporation produces airplanes in a perfectly competitive industry. The data in the following table give information about the cost of producing a particular type of airplane (in thousands), where quantity is q, total cost is C, and marginal cost is MC. Airplanes sell for $184 thousand. q C MC 0 400 1 600 200 2 712 112 3 792 80 4 848 56 5 920 72 6 1000 80 7 1088 88 8 1233 145 1418 185 10 1643 225 11 1908 265 Suppose this firm has the capacity to produce up to 11 airplanes of this particular type. If the company manager's goal is to maximize revenue, how many airplanes will the firm produce? airplanes. (Enter your response using an integer.) thousand. (Enter your response rounded to two decimal places.) What will be the firm's profit? $ Suppose instead that the manager's goal is to maximize profit. If so, then how many airplanes will the firm produce? What will be the firm's profit? $ thousand. (Enter your response rounded to two decimal places.) airplanes. (Enter your response using an integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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