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April 19, 2014

Homework Help: microeconomics

Posted by Kathy on Sunday, October 30, 2011 at 2:40pm.

You are given the following information about the costs of a perfectly competitive firm.

QuantityTFC TVC
0 45 0
1 45 20
2 45 35
3 45 45
4 45 75
5 45 120
6 45 180


You are hired to determine the profit-maximizing quantity of the firm for different market prices. Complete the table below.

Market Price Profit-maximizing level of output Total Revenue Total cost
$14
$18
$44
$53
$70
how do I find prot maximizing level of output, tr, tc and profit?
Thanks Kathy

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