Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the tablebelow.Quantity of Total revenue Total costbeef (lb.)01234($)08162432($)48131927Profit ($)08poundsMarginalrevenue ($)c. What is the profit-maximizing (or loss-minimizing) quantity?Marginal Marginalcost ($) profit ($)a. Complete the table.Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) infront of those numbers.b. At what quantity does marginal revenue equal marginal cost?poundsA

A perfectly competitive firm produces its output where Price is equal to Marginal Cost. => P = MC…

Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the table below. Quantity of Total revenue Total cost beef (lb.) e 1 2 3 4 ($) e 8 16 24 32 ($) 4 8 13 19 27 Profit ($) 0 pounds 8 Marginal revenue ($) c. What is the profit-maximizing (or loss-minimizing) quantity? Marginal cost ($) a. Complete the table. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. b. At what quantity does marginal revenue equal marginal cost? pounds Marginal profit ($)

Paulina sells beef in a competitive market where the price is $8 per pound. Her total revenue and total costs are given in the table below. Quantity of Total revenue Total cost beef (lb.) e 1 2 3 4 ($) e 8 16 24 32 ($) 4 8 13 19 27 Profit ($) 0 pounds 8 Marginal revenue ($) c. What is the profit-maximizing (or loss-minimizing) quantity? Marginal cost ($) a. Complete the table. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. b. At what quantity does marginal revenue equal marginal cost? pounds Marginal profit ($)

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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