Asked by Lucy
1. A monopolistic competitive firm has carefully estimated industry demand. Its revenue projections for different levels of sales are listed in the following table. In addition, it estimates its total cost to be:
C = 20 + Q + Q2
Output
Revenue Total Cost Profit
1 90
2 160
3 210
4 240
5 250
6 240
7 210
8 160
9 90
10 0
a) Complete the table and determine the profit-maximizing level of output
C = 20 + Q + Q2
Output
Revenue Total Cost Profit
1 90
2 160
3 210
4 240
5 250
6 240
7 210
8 160
9 90
10 0
a) Complete the table and determine the profit-maximizing level of output
Answers
Answered by
oobleck
Cost(1) = 20+1+1^2 = 22
profit = revenue - cost
Profit(1) = 90-22 = 68
fill in the others the same way
profit = revenue - cost
Profit(1) = 90-22 = 68
fill in the others the same way
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