a. The following presents the costs and revenues for a firm. Marginal Revenue Quantity Total Cost Marginal Cost Profit Total Revenue 15 1 30 100 48 190 3 59 300 4 68 450 74 500 79 505 7 81 308 Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? i. ii. b. Describe the relationship between the marginal product and the total product of a firm

a. The following presents the costs and revenues for a firm. Marginal Revenue Quantity Total Cost Marginal Cost Profit Total Revenue 15 1 30 100 48 190 3 59 300 4 68 450 74 500 79 505 7 81 308 Calculate the marginal cost, marginal revenue and profit for each unit of production. How many units should the firm produce to maximise profit? i. ii. b. Describe the relationship between the marginal product and the total product of a firm

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 6P

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Similar questions

Why will profits for films in a perfectly competitive industry tend to vanish in the long run?
How does the average cost curve help to show whether a firm is making profits or losses?
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