Assume a competitive firm faces a market price of $100, a cost curve of: C= 0.25q? + 50q + 1,600 and a marginal cost curve of: MC = 0.50q + 50. The firm's profit maximizing output level is 100.00 units, the profit per unit is $9.00, and total profit is: $900.00. However, if the firm wanted to maximize the profit per unit, how much would it produce? It would produce O units. (round your answer to two decimal places) If the firm produced this output level, what would be the profit? Its profit would be S (round your answer to the nearest penny)

Assume a competitive firm faces a market price of $100, a cost curve of: C= 0.25q? + 50q + 1,600 and a marginal cost curve of: MC = 0.50q + 50. The firm's profit maximizing output level is 100.00 units, the profit per unit is $9.00, and total profit is: $900.00. However, if the firm wanted to maximize the profit per unit, how much would it produce? It would produce O units. (round your answer to two decimal places) If the firm produced this output level, what would be the profit? Its profit would be S (round your answer to the nearest penny)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter19: Externalities And Public Goods

Section: Chapter Questions

Problem 19.1P: A firm in a perfectly competitive industry has patented a newprocess for making widgets. The new...

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