A store sells good A. The market price of good A is $40. It has the following cost and output structure. Assume the market for good A is perfectly competitive. Use the given information to answer the following: Total Output cost O $50 1 80 2 100 3 120 4 145 5 175 6 210 7 255 8 335 a) How much is the MR? Answer: MR = $_ b) Find the MC when Q = 1 Answer: MC = $ c)Find the profit-maximizing output. d) Find the maximized profit. Answer: The maximized profit= $ LO

A store sells good A. The market price of good A is $40. It has the following cost and output structure. Assume the market for good A is perfectly competitive. Use the given information to answer the following: Total Output cost O $50 1 80 2 100 3 120 4 145 5 175 6 210 7 255 8 335 a) How much is the MR? Answer: MR = $_ b) Find the MC when Q = 1 Answer: MC = $ c)Find the profit-maximizing output. d) Find the maximized profit. Answer: The maximized profit= $ LO

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 9PA

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