05 Jun Question Profit-Maximization Under Perfect Competition
Question
Profit-Maximization Under Perfect Competition
The Output, Revenue and Cost data in the table below applies to a hypothetical market gardening firm supplying produce to a local Farmer’s Market.
P ($ per kg)Q (kg per month)TR($)TC($)MR ($ per kg)MC ($ per kg)AC ($ per kg) Profit/Loss ($) 0 $0 $18 $-18 $0.48 $0.23 $0.48 100 $48 $41 $0.41 $7.00 $ $ 200 $96 $57 $ $ $ $ 300 $144 $77 $ $ $ $ 400 $192 $106 $ $ $ $ 500 $240 $145 $ $ $ $ 600 $288 $199 $ $ $ $ 700 $336 $294 $ $ $ $ 800 $384 $501 $ $
Complete the Table. To get you started, the first row is done for you in red. (5)
Show how you know this firm is operating in a perfectly competitive market. (5)
Determine the firm’s profit-maximizing output (to the nearest 100 kg) using both the TR-TC and MR-
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