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Homework answers / question archive / Assume the market for soap is perfectly competitive and the market equilibrium price for a pack of soap is $1

Assume the market for soap is perfectly competitive and the market equilibrium price for a pack of soap is $1

Economics

Assume the market for soap is perfectly competitive and the market equilibrium price for a pack of soap is $1.00. Sanitizing Inc. is an individual firm making soap with a short-run total cost of TC = 20 + 0.002q^2 and a marginal cost of MC = 0.004q where q is packs of soap. In another question in this problem set, you solved for the firm's profit-maximizing level of output. ($250) What is the PRODUCER SURPLUS for Sanitizing Inc. when it produces the profit-maximizing level of output? Enter solution as a whole number (if you need to, round your solution to the nearest whole number).

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