Question
3 Assume Q(d) = 600 - P; Q(S) = 4P What is the equilibrium quantity and price Explain What would happen if there were a
3 Assume Q(d) = 600 - P; Q(S) = 4P
- What is the equilibrium quantity and price Explain
- What would happen if there were a max price of 90
4 A firm in a competitive market has TR = 500 and marginal revenue of $10. How many units were sold?
5 Use the following data to fill out the table; assume the market is competitive and the price is $40. How much do you want to produce? Why
Q | TC | VC | FC | MTC | MR | Total Profit |
0 | 300 | 0 | ||||
1 | 350 | 50 | ||||
2 | 390 | 90 | ||||
3 | 420 | 120 | ||||
4 | 450 | 150 | ||||
5 | 490 | 190 | ||||
6 | 540 | 240 |
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Economics Today The Macro View
Authors: Roger LeRoy Miller
18th Edition
9780133884876
