Table 10.1 shows the output, price, and total cost for a monopolistic competitor. The profit-maximizing output for the monopolistic competitor is _____.
Table 10.1.
Q |
P |
TC |
1 |
$27 |
$10 |
2 |
24 |
17 |
3 |
21 |
32 |
4 |
18 |
47 |
5 |
15 |
67 |
Group of answer choices
0 units
1 unit
3 units
5 units
2 units
Answer
TR=P*Q
TR(1)=1*27=27 and so on
=======
Marginal revenue of n th unit of output =total revenue of n unit of output – total revenue of n-1 units of output
MR(n)=TR(n)-TR(n-1)
MR(1)=27-0=27 and so on
=======
MC(n)=TC(n)-TC(n-1)
MC(n)=marginal cost of n th unit
TC(n)=Total cost of n units of output
MC(1)=17-10=7 and so on
========
Profit=TR-TC
Profit(1)=27-10=$17 and so on
Q | P | TC | TR | MR | MC | Profit |
1 | 27 | 10 | 27 | 27 | 17 | |
2 | 24 | 17 | 48 | 21 | 7 | 31 |
3 | 21 | 32 | 63 | 15 | 15 | 31 |
4 | 18 | 47 | 72 | 9 | 15 | 25 |
5 | 15 | 67 | 75 | 3 | 20 | 8 |
The firm produces at MR=MC
where
Q=3 units
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