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Output Marginal Cost 0 -- 1 $5 2 $10 3 $15 4 $20 5 $25 1 unit 2 units 3 units 4

ID: 1178358 • Letter: O

Question

Output

Marginal Cost

0

--

1

$5

2

$10

3

$15

4

$20

5

$25

       1 unit
       2 units
       3 units
       4 units

31. Consider a competitive market with 50 identical firms. Suppose the market demand is given by the equation QD = 200 - 10P and the market supply is given by the equation QS= 10P. In addition, suppose the following table shows the marginal cost of production for various levels of output for firms in this market.

Output

Marginal Cost

0

--

1

$5

2

$10

3

$15

4

$20

5

$25

How many units should a firm in this market produce to maximize profit? (Points : 5)

Explanation / Answer

2 units

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Output Example: Enter your choice: 1 to insert an element into the list. 2 to de

Output Output Average Fixed cost Average Variable Cost Average Total Cost Margin

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