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The table shows Jensen's output (sandwich) and costs, a perfectly competitive firm

Economics

The table shows Jensen's output (sandwich) and costs, a perfectly competitive firm. Jensen's fixed cost is $9 per hour. The current market price is $6. What is Jensen's marginal revenue from the 2nd sandwich sold?

a. $6

b. $12

c. $20

d. $24

e. $30

 

Quantity Total fixed costs TFC (dollars) Total variable costs TVC (dollars)
0 500 0
1 500 100
2 500 180
3 500 220
4 500 300
5 500 390
6 500 500
7 500 640
8 500 800
9 500 1000
10 500 1250

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