Question
As a firm in a competitive market, how do you set the price of your good...
As a firm in a competitive market, how do you set the price of your good to maximize your profit? (you know your marginal costs and market price)
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For the following firm in a competitive market, COSTS REVENUES Quantity Produced Total Cost Marginal Cost...
For the following firm in a competitive market,
COSTS
REVENUES
Quantity
Produced
Total
Cost
Marginal
Cost
Quantity
Demanded
Price
Total
Revenue
Marginal
Revenue
0
$0
--
0
$80
--
1
$50
1
$80
2
$102
2
$80
3
$157
3
$80
4
$217
4
$80
5
$285
5
$80
6
$365
6
$80
7
$465
7
$80
8
$585
8
$80
Fill the column for marginal cost, total revenue and marginal
revenue.
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