Question

in a perfectly competitive industry the market price is $25. a firm is currently producing 10,000 units of output; average total cost is $28, marginal cost is $20, and average variable cost is $20. the firm should

Answer 1

The firm should produce more output to maximize its profit. In a perfectly competitive industry, firms will have marginal revenue equal to price. Therefore, the marginal revenue is $25.

In macroeconomics, an industry is a branch of an economic system that produces a closely-related set of raw materials, items, or offerings. For instance, one would possibly refer to the wooden enterprise or to the insurance industry. While comparing a single institution or agency, its dominant supply of revenue is generally used by industry classifications to categorize it within a particular enterprise. As an example, the global widespread industrial classification (ISIC) – used at once or thru derived classifications for the professional data of most countries internationally – classifies "statistical devices" via the "monetary activity wherein they especially have interaction". Enterprise is then defined as a "set of statistical gadgets which can be classified into the identical ISIC category". however, a single business need not belong just to one enterprise, which includes when a big business (regularly known as a conglomerate) diversifies throughout separate industries.

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In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28,its marginal cost is $20, and its average variable cost is $20. Determine whether the following statements are true or false: