Given the data in the table below for a perfectly competitive firm, calculate the missing values for MC MR and find the profit maximizing level of output Output (units) Total Cost Marginal Cost Total Revenue Marginal Revenue 100 301 5 300 114 335 1 342 128 362 4 384 142 404 4 426 156 467 4 468 What is the profit maximizing level of output (Take the mid point )

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 02, 2024

Given the data in the table below for a perfectly competitive firm, calculate the missing values for MC & MR and find the profit maximizing

Given the data in the table below for a perfectly competitive firm, calculate the missing values for MC & MR and find the profit maximizing level of output:

Output (units)	Total Cost	Marginal Cost	Total Revenue	Marginal Revenue
100	301.5		300

114	335.1		342

128	362.4		384

142	404.4		426

156	467.4		468

What is the profit maximizing level of output (Take the mid-point ) =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Local Consumption And Global Environmental Impacts Accounting, Trade-offs And Sustainability

Authors: Kuishuang Feng, Klaus Hubacek, Yang Yu

1st Edition

1317577272, 9781317577270

More Books

Students also viewed these Economics questions

Question

★★★★★

Show that var(Y 1 ) = 1 .

Answered: 1 week ago

Question

★★★★★

A bin contains 5 balls colored red, yellow, blue, orange, and purple, respectively. Anika randomly selects 4 balls with replacement. Determine the probability that she selects a) The red ball zero...

Answered: 1 week ago

Question

★★★★★

=+c) Teachers ranking on their academic class of publications.

Answered: 1 week ago

Question

★★★★★

Given the estimated demand function Equation 2.2 for avocados, Q = 104 40p + 20pt + 0.01Y, use algebra (or calculus) to show how the demand curve shifts as per capita income, Y, increases by $ 1,000...

Answered: 1 week ago

Question

★★★★★

Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic...

Answered: 1 week ago

Question

★★★★★

In this assignment you will be performing some additional queries against your Online Vehicle Sales (OVS), Inc. online transaction processing (OLTP) database and also creating some simple anonymous...

Answered: 1 week ago

Question

★★★★★

Please solve COMPANY NAME: HONDA Brief introduction to company and its product Presentation of global inputs for the product Company's motivations for supplier selection and sourcing the inputs...

Answered: 1 week ago

Question

★★★★★

1.Now imagine that, with the introduction of money, financial institutions are put in place. Briefly , would the establishment and development of a financial sector help promote economic growth or...

Answered: 1 week ago

Question

★★★★★

Contrary to the strategy of maintaining a large inventory adopted by most American retailers, 7-11 is more selective in the products that they put on shelves. 7-11 chooses to shelve products that are...

Answered: 1 week ago

Question

★★★★★

AApproximate air as a mixture of 7 8 % Nitrogen and 2 2 % oxygen ( by moles ) . Calculate the followings for air using values you find in ( A . 5 ) . Be careful about units. ( a ) Specific gas...

Answered: 1 week ago

Question

★★★★★

(7) (2 pts) Location update is an important task to perform as a mobile unit moves around in a mobile IP network. If we use indirect-routing, new location update only needs to be done at the home...

Answered: 1 week ago

Question

★★★★★

12. What is meant by the statement, often we do not know what the real problem is until we look at its possible consequences or solutions?.

Answered: 1 week ago

Question

★★★★★

9. What is meant by the statements: a) Experiences are different from what is experienced. b) The description is different from what is described.

Answered: 1 week ago

Question

★★★★★

11. What is meant by the statement, as observers of social reality, we are always part of this reality?.

Answered: 1 week ago

Previous Question Next Question