Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette (his only product) is $3. Yann's marginal cost function is given by MC=0.1q: (i) Yann's profit-maximizing level of output is 30 (ii) Yann's variable profit is (iii) The producer surplus is 45 If Yann also has a fixed cost of $50, then: (iv) his total profit is -5

Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette (his only product) is $3. Yann's marginal cost function is given by MC=0.1q: (i) Yann's profit-maximizing level of output is 30 (ii) Yann's variable profit is (iii) The producer surplus is 45 If Yann also has a fixed cost of $50, then: (iv) his total profit is -5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette (his only product) is $3. If
Yann's marginal cost function is given by MC=0.1q:
(i) Yann's profit-maximizing level of output is
30
(ii) Yann's variable profit is
(iii) The producer surplus is 45
If Yann also has a fixed cost of $50, then:
(iv) his total profit is
-5
Assuming Yann cannot avoid the fixed cost, Yann should

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