Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee

Human-written only.

24/7 Support

Anytime, anywhere.

Plagiarism Free

100% Original.

Expert Tutors

Masters & PhDs.

100% Confidential

Your privacy matters.

On-Time Delivery

Never miss a deadline.

For next five problems, you'll be filling in the blanks

Economics Mar 27, 2021

For next five problems, you'll be filling in the blanks. Enter numbers only and do NOT enter in dollar signs. 
Keep in mind that you might have to enter in a negative number. To do this, you will have to enter in a minus sign (-) in front of the number. 
Quantity                         TFC                 TVC 
0                                      45                    0

1                                      45                    20

2                                      45                    35

3                                      45                    45

4                                      45                    75

5                                      45                    120

6                                      45                    180 

Examine the table above, which gives information about the costs of a perfectly competitive firm. You are hired to determine the profit-maximizing quantity for the firm at different prices. For each price listed, you must find the output level, total revenue, total cost, and profit.

When the market price is P = $70,

What is the profit maximizing level of output?  

What is total revenue at this level of output?  

What is the total cost at this level of output?  

What is the profit at this level of output?  

Expert Solution

Profit maximizing output is where MR>=MC. Here MR is not equal to MC. It is greater than MC till 6th unit.

Profit maximizing output = 6 units

Total revenue at 6 units of output: 420

Total cost at 6 units of output = 225

Total profits at 6 units of output = 195

Archived Solution
Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In
Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution
Get Custom Quote
Secure Payment