Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier's cost. Price Quantity Demanded Marginal Cost $1,900 1,800 1,700 1,600 -1,500 1,400 1,300 1,200 1,100 1,000 900 1 300 2 350 3 400 4 450 + 500 6 550 7 600 8 650 700 10 750 Question 1 Determine the supplier's profit-maximizing output quantity. Explain your answer. Question 2 At what price should the supplier charge to maximize its profit? Explain your answer. Question 3 Suppose at the profit-maximizing output quantity you have determined in part A, the average variable cost is $445.71 and the average total cost is $617.14. Calculate the total profit at the profit-maximizing output quantity.

Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier's cost. Price Quantity Demanded Marginal Cost $1,900 1,800 1,700 1,600 -1,500 1,400 1,300 1,200 1,100 1,000 900 1 300 2 350 3 400 4 450 + 500 6 550 7 600 8 650 700 10 750 Question 1 Determine the supplier's profit-maximizing output quantity. Explain your answer. Question 2 At what price should the supplier charge to maximize its profit? Explain your answer. Question 3 Suppose at the profit-maximizing output quantity you have determined in part A, the average variable cost is $445.71 and the average total cost is $617.14. Calculate the total profit at the profit-maximizing output quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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