6 The market price is:A The firm's marginal revenue is:A At the current market price, what quantity will be producedto maximize profit?A The profit per unit at this quantity is:AA If the price falls to $6 wilf the firm continue to produce?Explain. Following is supply and demand data for an industry that has pertect competition,Quantity DemandedMarket PriceQuantity Supplied300006.0014000270007.0016000240008.0018000200009.00200001800010.00220001500011.00240001200012.00260001000013.0030000800014.0033000Following is cost information for a firm in the same industry.AverageAverageFixedVariableTotalMarginalVariableTotalQuantityCostsCostsCostsCostCostsCosts1010104.144.4.0014.002.101733.508.503.10112143.757.004.1016264.006.5010233374.606.607.007.571032425.33104353116.14105666137.008.25

The market price would be the one where the quantity supplied is equal to the quantity demanded.…

The market price is: A The firm's marginal revenue is: A At the current market price, what quantity will be produced to maximize profit? A The profit per unit at this quantity is: A If the price falls to $6 will the firm continue to produce? Explain.

The market price is: A The firm's marginal revenue is: A At the current market price, what quantity will be produced to maximize profit? A The profit per unit at this quantity is: A If the price falls to $6 will the firm continue to produce? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The market price is:
A The firm's marginal revenue is:
A At the current market price, what quantity will be produced
to maximize profit?
A The profit per unit at this quantity is:
AA If the price falls to $6 wilf the firm continue to produce?
Explain.

Following is supply and demand data for an industry that has pertect competition,
Quantity Demanded
Market Price
Quantity Supplied
30000
6.00
14000
27000
7.00
16000
24000
8.00
18000
20000
9.00
20000
18000
10.00
22000
15000
11.00
24000
12000
12.00
26000
10000
13.00
30000
8000
14.00
33000
Following is cost information for a firm in the same industry.
Average
Average
Fixed
Variable
Total
Marginal
Variable
Total
Quantity
Costs
Costs
Costs
Cost
Costs
Costs
10
10
10
4.
14
4.
4.00
14.00
2.
10
17
3
3.50
8.50
3.
10
11
21
4
3.75
7.00
4.
10
16
26
4.00
6.50
10
23
33
7
4.60
6.60
7.00
7.57
10
32
42
5.33
10
43
53
11
6.14
10
56
66
13
7.00
8.25

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