Question

P	q	TC	MC	TR	MR	π	Mπ
30	1	53	25
30	2		20
30	3	80	25
30	4	120

Please answer the next 7 questions based on the table presented above.

In what type of market does this firm sell its output?

A. Monopoly

B. Oligopoly

C. Perfect competition

D. Monoplistic Competition

E. Cannot be determined from the information provided.

If this firm shuts down it will lose ____ dollars.

The TR associated with two units of output is _____dollars.

The marginal profit of the first unit of output is______ dollars.

This firm will earn a profit of _______ dollars.

Diminishing returns sets in at an output of ____ units.

The TVC of 4 units of output is ______ dollars.

Answer 1

P	q	TC	MC	TR	MR	π	Mπ
30	1	35	25	30	-	-5	5
30	2	55	20	60	30	5	10
30	3	80	25	90	30	10	5
30	4	120	40	120	30	0

what type of market does this firm sell its output?

C. Perfect competition.

If this firm shuts down it will lose 10 dollars.

The TR associated with two units of output is 60 dollars.

The marginal profit of the first unit of output is 5 dollars.

Diminishing returns sets in at an output of 3 units.

The TVC of 4 units of output is 110 dollars.