Sapling Learning macmillan learning Vamplife is a company that produces blood fo

Question

Sapling Learning macmillan learning Vamplife is a company that produces blood for vampire consumption. In this market, assume that there are many firms, entry and exit is relatively easy, and firms sell a homogeneous product O perfect competition 1. Vamplife is a firm in which market structure? O monopolistic competition O monopoly O oligopoly 2. Refer to the table at right to determine how Gallons of Blood Total Cost Total Revenue many gallons of blood Vamplife should produce 25 in order to maximize profit. 1 120 50 2 80 240 Number 3 360 190 gal 4 340 480 5 600 500 Enter your answer as a whole number. AO Previous Give Up & View Solution Check Answer Next Exit Hint

Explanation / Answer

1. Perfect competition

2. 3 gallons of blood shoul be produced in order to maximize profit*

*Maximum profit

Gallons of blood Total cost Total revenue Returns Marginal revenue Marginal cost 0 25 0 -25 1 50 120 70 120 25 2 80 240 160 120 30 3 190 360 170 120 110 <<<<<< Maximum profit 4 340 480 140 120 150 5 500 600 100 120 B

*Maximum profit

= Change in revenue (-) Change in cost = 0 Channge in quantity Channge in quantity

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