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You are interested in starting your own business, but you are in a perfectly competitive market, which means you are a price taker at $ 20
You are interested in starting your own business, but you are in a perfectly competitive market, which means you are a price taker at $ 20.00
Quantity Total Costs
0 30
1 35
2 39
3 46
4 54
5 62
6 71
7 85
8 100
9 116
10 141
6. What is your total cost at 9 quantities?
A. 70
B. 116
C. 80
D. 35
7. What is your average total cost at 1 quantity?
A. 70
B. 116
C. 80
D. 35
8. What is your total revenue at 4 quantities?
A. 70
B. 116
C. 80
D. 35
9. What is your marginal cost at 3 quantities?
A. 4
B. 7
C. 8
D. 6
10. What is your marginal revenue at 2 quantities?
A. 10
B. 20
C. 30
D. 40
Expert Solution
6. What is your total cost at 9 quantities? (B) 116. This can be found directly in the table.
7. What is your average total cost at 1 quantity? (D) 35. The average cost of one unit is equal to the total cost of one unit (35) divided by the quantity (one).
8. What is your total revenue at 4 quantities? (C.) 80 Total revenue is equal to price (20) times quantity (4).
9. What is your marginal cost at 3 quantities? (B) 7. The marginal cost is the additional cost of selling an additional unit. When quantity goes up by 3, the total cost rises by 7, which is why the marginal cost of the 3rd unit is $7.
10. What is your marginal revenue at 2 quantities? (B) 20. The marginal revenue is the additional revenue received from selling an additional unit of the good. Because there is a fixed price of $20, that is the marginal revenue since all units sold will yield that much additional revenue.
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