Question
Assuming the firm's selling price is AUD 15, the marginal revenue is also AUD15. 1. Complete the table below 2. identify the profit-maximizing quantity supplied
Assuming the firm's selling price is AUD 15, the marginal revenue is also AUD15.
1. Complete the table below
2. identify the profit-maximizing quantity supplied by the firm. Calculate the amount of profit/loss at this optimal point. Can you please show the work too?
| Quantity (Kg) | Average variable cost | Average Fixed Cost | Average Total Cost | Marginal Cost |
| 2.50 | 7.50 | 5.10 | ? | |
| 3.50 | 9.00 | 3.00 | ? | 9.00 |
| 4.50 | 10.00 | 2.50 | ? | 12.50 |
| 5.50 | 14.00 | 1.80 | ? | 13.00 |
| 6.00 | 18.00 | 1.67 | ? | 15.00 |
| 10.00 | 25.00 | 1.43 | ? | 16.00 |
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
