2.) Production, Inputs, and Cost: Building Blocks for Supply Analysis First, use the following schedule to calculate the marginal revenue, the marginal cost, the total profit, and the marginal profit. Then, list the formula for total revenue and total cost. Lastly, discuss the condition under which the firm will earn a profit, incur a loss, the output that maximizes the perfectly competitive firm's profit, and under which a firm is maximizing profit by minimizing loss. Total Marginal Marginal Marginal Profit (MP) Quantity Total Cost Total Profit Revenue Revenue Cost |(TR) $0.00 $30.00 (MR) (TC) $0.00 (MC) (ТР) 10 $38.00 20 $60.00 $90.00 $87.00 $45.50 $78.00 $137.50 30 $120.00 $150.00 $180.00 $210.00 40 50 60 $158.00 70 $240.00

2.) Production, Inputs, and Cost: Building Blocks for Supply Analysis First, use the following schedule to calculate the marginal revenue, the marginal cost, the total profit, and the marginal profit. Then, list the formula for total revenue and total cost. Lastly, discuss the condition under which the firm will earn a profit, incur a loss, the output that maximizes the perfectly competitive firm's profit, and under which a firm is maximizing profit by minimizing loss. Total Marginal Marginal Marginal Profit (MP) Quantity Total Cost Total Profit Revenue Revenue Cost |(TR) $0.00 $30.00 (MR) (TC) $0.00 (MC) (ТР) 10 $38.00 20 $60.00 $90.00 $87.00 $45.50 $78.00 $137.50 30 $120.00 $150.00 $180.00 $210.00 40 50 60 $158.00 70 $240.00

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter11: Resource Market

Section: Chapter Questions

Problem 2.4P

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