Use the following to answer questions 13-17: Total Cost for a Perfectly Competit

Question

Use the following to answer questions 13-17:

Total Cost for a Perfectly Competitive Firm

Quantity
per period Total Cost
0 $10
1 $16
2 $20
3 $22
4 $24
5 $25
6 $27
7 $30
8 $34
9 $39
10 $45

13. If the market price is $4.50, the profit-maximizing quantity of output is _______ units.
A) 5
B) 7
C) 8
D) 9

14. If the market price is $3.50, the profit-maximizing quantity of output is _______ units.
A) 5
B) 7
C) 8
D) 9

15. If the market price is $5.50, the profit-maximizing quantity of output is _______ units.
A) 5
B) 7
C) 8
D) 9

16. If the market price is $3.50, profit at the profit-maximizing quantity of output is:
A) -$7.50.
B) -$6.00.
C) -$5.50.
D) $4.50.


17. If the market price is $4.50, profit at the profit-maximizing quantity of output is:
A) $2.00.
B) $4.50.
C) $5.00.
D) $34.00.

Explanation / Answer

13 c)8 one more adds costs of 5 and revenues of only 4.50 14) b) 7 one more adds costs of 4 15) d) 9 16) c) 7*3.50- 30 17) a) 8*4.50- 34

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