Assume that the following marginal costs exist in catfish production: Quantity produced (units per day) 1011121314151617 Marginal cost (per unit)$4681012141618 Price (per unit) $2524232221201918 Quantity demanded (units per day) 1011121314151617 Total revenue $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer Marginal revenue $Answer $Answer $Answer $Answer $Answer $Answer $Answer (a) Complete the table above. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.(b) At what rate of output is MR = MC? Answer units(c) What price will a monopolist charge for that much output? $Answer(d) If the market were perfectly competitive, what price would prevail? $Answer(e) How much output would be produced?

Answered: Assume that the following marginal…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter12: The Supply Of And Demand For Productive Resources

Section: Chapter Questions

Problem 13CQ

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Assume that the following marginal costs exist in catfish production:

Quantity produced (units per day)	10	11	12	13	14	15	16	17
Marginal cost (per unit)	$4	6	8	10	12	14	16	18
Price (per unit)	$25	24	23	22	21	20	19	18
Quantity demanded (units per day)	10	11	12	13	14	15	16	17
Total revenue	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer
Marginal revenue		$Answer	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer

(a) Complete the table above. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

(b) At what rate of output is MR = MC? Answer units

(c) What price will a monopolist charge for that much output? $Answer

(d) If the market were perfectly competitive, what price would prevail? $Answer

(e) How much output would be produced?

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