NU: Homework assignment #3 for Micro 203: (90 points)

1. Table below contains data for firm A:

a) Fill in the blanks and answer questions a-c. (6.5 points)

(1)	(2)	(3)	(4)	(5)	(6)
$Price	Output QX	$Total Revenue	$ Marginal Revenue	$ Total Cost	$ Marginal Cost
$12	100		N/A	$1194	N/A
$12	101			1,202
$12	102			1,213
$12	103			1,225
$12	104			1,239

b) What is firm A's profit-maximizing level of output (Qx)? Explain __________________ (2.5 points)

c) At what level of output will firm A produce too many units of x? ______________

Explain your answer. (2 points)

d) Briefly explain why MR and Price come to be the same for firms operating in these particular markets? (3 points