Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The table shows the cost and revenue information for a perfectly (or purely) competitive rm that produces external hard drives. Use whole numbers to answer
The table shows the cost and revenue information for a perfectly (or purely) competitive rm that produces external hard drives. Use whole numbers to answer the six questions. Quantity (units) Fixed cost ($) Variable cost ($) Total revenue ($) 1 0 100 36 1 ,000 1 1 100 74 1,100 1 2 100 145 1 ,200 1 3 100 202 1 ,300 1 4 100 300 1 ,400 1 5 100 435 1 ,500 1 6 100 58 8 1 ,600 1 7 100 774 1 ,700 What is the marginal revenue received from the 11th unit? 5]; 100 What is the marginal cost of producing the 1 1th unit? 33 Incorrect What price does this rm charge for each hard drive? 5]; 100 How many units should this rm produce to maximize prots? 14 When prot maximizing, what is this rm's prot? 3; 1000 per unit units
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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