Answer the questions below using the cost curve for the price-taking firm shown in the following graph:
Question:
1. If price is $7 per unit of output, draw the marginal revenue curve. The manager should produce ____ units in order to maximize profit.
2. Since average total cost is $ ____ for this output, total cost is $ ____
3. The firm makes profit of $ ____
4. At ____ units, profit margin (or average profit) is maximized why is this output level different from the answer to part a.
Transcribed Image Text:
Pepsi: Low Medium High Coke:Low A B $560, $600 $400, $400 $320, $720 Medium D E $500, $300 $450, $525 $540, $500 High G Н $375, $420 $300, $378 $525, $750
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Related Book For
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021909
12th edition
Authors: Christopher Thomas, S. Charles Maurice
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