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 1,000 900 800 0 1 380 2 390 410 3 430 460 500 550 610 700 600 770 790 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

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 1,000 900 800 0 1 380 2 390 410 3 430 460 500 550 610 700 600 770 790 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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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
800
0
1
380
2
390
410
3
430
460
500
550
610
700
600
770
790
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

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