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1 page/≈275 words
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Style:
APA
Subject:
Mathematics & Economics
Type:
Coursework
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English (U.S.)
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Topic:
Economics Quiz Firm Is Making Profit Market Price
Coursework Instructions:
Answer the 3 questions in the quiz
Coursework Sample Content Preview:
Economics Quiz
Author Name
Institution Affiliation
Ї Complete the following table and identify the quantity that maximizes profit.
Quantity
TR
MR
TC
MC
0
0
—
5
—
1
10
10
7
2
2
20
10
15
5
3
30
10
25
10
4
40
10
37
20
2. Answer the following questions.
a. Suppose that a firm is producing where 0 < MR < MC. What would happen to total revenue, total cost, and profit if the firm produced one less unit of output?
Answer: If a firm is producing where 0 < MR < MC, then its marginal revenues are lesser than the marginal costs. It means the firm will be losing profit with every additional unit ...
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