Whole foods maximizes its profit by selling 2,500 units of output with an average revenue of...
Whole foods maximizes its profit by selling 2,500 units of output with an average revenue of $6.99...The firm’s marginal cost at 2,500 units of output is ? what. Explain
Homework Answers
Marginal cost should also be equal to 6.99
this is because at the profit maximizing level of output marginal revenue and marginal cost are equal to each other. in this case price is determined by the market and therefore price and marginal revenue both are equal to each other. Average revenue and price both are same when they are determined by the market. Therefore price, average revenue, marginal revenue, and marginal cost also be equal to 6.99.
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