Jiang's Pussycats sells ceramic kittens. The marginal cost of producing a particular kitten depends on how many
Question:
a. What is Jiang's marginal revenue from selling another kitten? (Express your answer as an equation.)
b. Determine how many kittens Jiang should produce if she wants to maximize profit. How much profit will she make at this output level? (Assume fixed costs are zero. It may help to draw a graph of Jiang's marginal revenue and marginal cost.)
c. Suppose Jiang is producing the quantity you found in (b). If she decides to produce one extra kitten, what will her profit be?
d. How does your answer to part (c) help explain why "bigger is not always better"?
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a Firms in perfectly competitive markets are price takers Therefore the marginal revenue is con...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-1464187025
2nd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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