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Homework answers / question archive / For next five problems, you'll be filling in the blanks
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?
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
