Dictionary.com 1 Fin.\" Transition Words e The College Board WLS Physics Google

Question

Dictionary.com 1 Fin." Transition Words e The College Board WLS Physics Google Docs sity of New York (CUNY), Lehman College-ECO 167- Microeconomics Winter18-DELACRUZ Activities and Due Dat Gre 1/19/2018 11:59 PM 0 1 27 de Print Calculator Question 4 of 15 Sapling Learning The table shows the cost and revenue information for a perfectly (or purely) competitive firm that produces external hard drives. Use whole numbers to answer the following six questions. What price will this firm How many units should Quanty Fixed Cost Variable Total Cost (S) Revenue 36 74 this firm produce to maximize profits? for each hard 1000 1100 10 100 Number 100 $ 100 Units12 100145 1200 1300 1400 100 When profit what is this firm's How many units of production would the lowest profits 13 14 100 435 588 74 1700 Number Numbet 16 100 1600 Units 17 What is the marginal revenue received fromcost of producing the What is the marginal 1 1th unit? the 11th unit? Number OPrevicus Cive up & View Soulkin e, Check Answer 0Nint aErk

Explanation / Answer

The firm will charge the price :- Revenue /Quantity =1400/14=$100

The number of units sold by the firm to maximize its profit =14 units

Firm’s profit:- $1400-$400=$1000

Lowest profit will be when firm produces:- 17 units

Marginal Revenue for 11th unit:- $1100-$1000=$100

Marginal cost for 11th unit:- 174-136=$38

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