1
answer
0
watching
114
views
ochrefox123Lv1
28 Sep 2019
The following schedule shows demand and total cost for a firm with market power:
Price
Quantity
Total Cost
$30
10
$200
29
11
208
28
12
217
27
13
227
26
14
238
25
15
250
24
16
263
- To maximize profit firm should produce ______ units of output and charge a price of $_______.
- At this level of output the firm earns a profit of $________.
- The last unit of output produced and sold adds $________ to revenue and $________ to cost.
- One more unit of output beyond the profit-maximizing level of output would add $________ to revenue and $________ to cost, thereby ___________ profit by $________
The following schedule shows demand and total cost for a firm with market power:
Price |
Quantity |
Total Cost |
$30 |
10 |
$200 |
29 |
11 |
208 |
28 |
12 |
217 |
27 |
13 |
227 |
26 |
14 |
238 |
25 |
15 |
250 |
24 |
16 |
263 |
- To maximize profit firm should produce ______ units of output and charge a price of $_______.
- At this level of output the firm earns a profit of $________.
- The last unit of output produced and sold adds $________ to revenue and $________ to cost.
- One more unit of output beyond the profit-maximizing level of output would add $________ to revenue and $________ to cost, thereby ___________ profit by $________
Yusra AneesLv10
28 Sep 2019