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

See similar textbooks

Similar questions

Ten pieces of lemon can produce (1)/(4) cup of juice. How much lemon juice could you expect to obtain from a box containing 85 lemons?
Why does knowing the facts help people maximize their choices
Types of consumer goods
Not all of the questions were answered I was wondering if the rest could be answered for me.
Can you answer me as soon as possible urgent . In early April, Mr Chan went for a five-day trip in Singapore. In Singapore, he stayed in the Fullerton Hotel that close to the MRT station. During the five days stay, he went to Universal Studio Singapore, National Museum of Singapore. He joined the Singapore Duck tour and enjoyed the Singaporean Chinese food in Chinatown. Before departure, he went to Paragon shopping mall in Orchard Street, buying some souvenirs for his friends. Mr Chan returned to his home place, Hong Kong on 10th April and directly went to Courtyard by Marriott Hong Kong for seven days quarantine.(a) Identify the “purpose of travel” of Mr Chan and explain why he is considered as a tourist.(b) Name the tourism suppliers which might be related to the above passage and briefly explainthe function of each.
Utility equals satisfaction true or false
Rational decision-making will likely generate a better "economic" outcome vs. emotional decision-making. How?
Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the movie
Where are you getting the number 11?
the answer was wrong
Hi, there. I need a clarification of question number 1, which choice is the best answer?
Something that is perceived as a luxury rather than a need is something that brings pleasure. Worldwide, the majority of people view food, shelter, and water as requirements. Undoubtedly, indoor plumbing and electricity would be included on the list by many Americans. As opposed to being a luxury, internet connection is increasingly considered as a need. But is it actually essential for surviving? What then happens to those who don't utilize or have access to the internet? Could the expansion of e-commerce be impacted by how people view Internet connection as a need or a luxury?